ACEN Corp. said Thursday it executed a share purchase agreement with Sungrow Power Renewables Corp. and Havilah AAA Holdings Corp. for the 60-megawatt Sinocalan solar project in Pangasinan province.
ACEN said in a disclosure to the stock exchange its board approved on Sept. 28 the acquisition of Sungrow and Havilah shares in Sinocalan Solar Power Corp., the developer of the solar plant.
“Completion of the acquisition is expected to occur by Dec. 15, 2022, subject to agreed conditions precedent. The company will wholly-own SSPC upon completion of the acquisition,” ACEN said.
The ACEN board earlier approved the execution of a technical services agreement with Sungrow, 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 also signed a subscription agreement with Natures Renewable Energy Devt. Corp. early this week. The company will subscribe to 57,750 redeemable preferred shares A with a par value of P2,820.51 per share or an aggregate par value of P162,884,452.50 and 42,000 redeemable preferred shares C with a par value of P2,585.55 per share or an aggregate par value of P108,593,100.
NARDECO will use the funds to develop the 133-MW Cagayan North solar power project (Phase 1) in Lal-lo, Cagayan.
NAREDCO is a special purpose vehicle for the development of the Cagayan North Solar Power Project, ACEN’s joint venture with Cleantech Renewable Energy 4 Corp.
ACEN is aggressively expanding its RE projects to reach its goal of becoming the largest listed renewables platform in Southeast Asia, with 20,000 MW in renewable capacity by 2030.
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, with a renewable share of 87 percent, which is among the highest in the region.