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ACEN raising P30b for power projects

AC Energy Corp. said Monday it expects to end the year with a war chest of P30 billion to help achieve its target of 5,000 megawatts of renewable energy projects by 2025 and meet its vision of becoming Southeast Asia’s largest listed renewable firm.

ACEN president and chief executive Eric Francia said the company was undertaking five steps this year to complete the structuring of ACEN “to become the unified, integrated platform of Ayala and AC Energy in energy.”

“That would really put us in a strong position to realize our vision which is to exceed 5GW and be the largest renewables platform in Southeast Asia,” Francia said.

He said the five-step restructuring included the recently completed stock rights offering where ACEN raised about P5.3 billion on Friday and increased its capital stock about 15.9 billion shares.

Francia said the next step would be a private placement of 4 billion shares to GIC Private Ltd.  ACEN and parent company AC Energy and Infrastructure Corp. earlier said they signed an investment agreement with Arran Investment Pte Ltd., an affiliate of GIC, for a 17.5-percent ownership stake in ACEN valued at P20 billion.

Topics: AC Energy Corp. , renewable energy , Southeast Asia , Ayala
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