ACEN Corp. said it received last week approval from the Securities and Exchange Commission for the public offer and sale of up to 25 million preferred shares as the first tranche of the company’s three-year shelf registration of up to 50 million preferred shares.
The company said the first tranche is made up of 12.5 million perpetual, cumulative, non-voting, non-participating, non-convertible, redeemable and re-issuable peso-denominated preferred shares with an oversubscription option of up to 12.5 million preferred shares at an offer price of P1,000 per preferred share that will be offered in two series for a total offer size of up to P25 billion.
ACEN said in accordance with its Green Equity Framework, the net proceeds from the preferred share issuance will be used for the refinancing of short-term bridge loans as well as financing of new or existing eligible green projects.
“This issuance further strengthens ACEN’s balance sheet and will help the company attain its 2030 aspiration of achieving 20 gigawatts (GW) of renewables. ACEN is currently building around 1,100 megawatts of renewable energy plants in the Philippines and more projects are expected to be added in the coming years. This financing initiative will enable ACEN to continue its aggressive renewables expansion,” said Eric Francia, ACEN president and chief executive officer, in a statement.
