ACEN Corp. said Thursday its board approved the acquisition of Sinocalan Solar Power Corp. which will add 60 megawatts of capacity to its renewable energy portfolio.
ACEN said in a disclosure to the stock exchange its board cleared the investment in the 60-MW solar plant in Pangasinan through the acquisition of Sinocalan Solar, the project’s special purpose vehicle.
The board also approved ACEN’s investment in and construction of the 300-MW solar project, including the transmission line of Giga Ace 8 Inc., in Palauig, Zambales.
It endorsed the execution of a technical services agreement with Sungrow Power Renewables Corp., a leader in the research and development of solar inverters and a broad product portfolio offering PV inverter solutions, energy storage systems and floating PV plant solutions.
ACEN is aggressively expanding its RE projects to reach its goal of becoming the largest listed renewable platform in Southeast Asia, with 20,000 MW in capacity by 2030.
The board approved the commitment of up to Au$800 million (in any combination of equity, credit support, and guarantees and similar arrangements) for the construction of 520-MW projects in Australia.
It also granted authority to ACEN Australia and subsidiaries to enter into a PV module supply agreement for the project.
The board also approved funding for the 208-MW NAREDCO Solar Power Plant Project in La-lo, Cagayan.
Other board approvals included new omnibus credit lines with Maybank, AUB and CTBC, increased credit lines with BDO, and authority to share such credit facilities with subsidiaries under a co-use arrangement and provide guarantees to subsidiaries in proportion to its percentage of interest for the use of such facilities.
The board elected Delfin Lazaro as director to replace Fernando Zobel de Ayala to serve his unexpired term and Jaime Alfonso Antonio Zobel de Ayala as director to replace Jaime Augusto Zobel de Ayala to serve his unexpired term.
Lazaro was appointed as chairman of the board and chairman of the executive committee, with Cezar Consing as vice-chairman of the board and vice-chairman of the executive committee and Jaime Alfonso Antonio Zobel de Ayala as a member of the executive committee.
ACEN, the listed energy platform of the Ayala Group, has about 4,000 megawatts of attributable capacity in the Philippines, Vietnam, Indonesia, India and Australia.