ACEN Corp. is pursuing an aggressive renewable energy expansion program by subscribing to additional shares worth a combined P12.6 billion in its wholly-owned subsidiary project companies that are developing solar and wind projects.
ACEN issued separate disclosures on Thursday on the subscription of the company to additional shares in wholly-owned subsidiaries Sinocalan Solar Power Corp. (SSPC), Santa Cruz Solar Energy Inc., Gigasol 1, Inc., SolarAce2, Giga Ace 8, Inc. and Giga Ace 6, Inc.
The Ayala Group’s energy platform said it signed a subscription contract with its wholly-owned subsidiary SSPC for the additional subscription to 70,800,387 redeemable preferred A shares (RPS A) for P708 million. This was equivalent to 24.8 percent of the total outstanding shares of SSPC at P10 apiece.
SSPC said it would use the subscription for the development of the proposed 60-megawatt solar power plant in San Manuel, Pangasinan.
ACEN said it also signed a subscription contract with wholly-owned subsidiary Santa Cruz Solar for an additional 13,058,894 common A shares and 117,530,048 RPS A shares for P1.3 billion.
Santa Cruz Solar said it would use the subscription to fund continuing works for the construction of the San Marcelino Solar Energy Power Plant Project (Phases 1 and 2) in San Marcelino, Zambales.
ACEN also announced it signed a subscription contract with wholly-owned subsidiary SolarAce2 to subscribe to 2,500,000 RPS for P250 million.
It said the subscription price would be used by SolarAce2 for development activities relating to renewable energy projects.
ACEN further signed a subscription contract with its wholly-owned subsidiary Giga Ace 8 Inc. for an additional subscription to 7,198,575 common A shares, 64,800,388 (RPS A) and 16,800,101 redeemable preferred C shares for P2.399 billion.
The subscription will be used by Giga Ace 8 to fund the proposed 300=MW Palauig Solar 2 project.
ACEN said it also signed a subscription contract with its wholly owned subsidiary Giga Ace 6 Inc. for the additional subscription to 799,479,168 common A shares and 7,162,304 RPS A for P7.961 billion.
The subscription price will be used by the Giga Ace 6 for the proposed development of a 335 MW onshore wind power project to be located in the provinces of Laguna and Quezon.
ACEN has about 4,500 MW of attributable capacity and aims to reach 20,000 MW by 2030.