ACEN Corp. has signed a subscription agreement with its subsidiary, Buendia Christiana Holdings Corp. (BCHC), for the subscription of common shares and redeemable preferred shares (RPS) worth P660 million.
ACEN said in a disclosure to the Philippine Stock Exchange on Tuesday it will subscribe to 660,000 common shares and 5,940,000 RPS to be issued out of the authorized capital stock of BCHC. RPS are preferred stocks that a company can buy back in the future at a pre-determined price.
The company added BCHC will use the money to purchase real property required for various power projects.
ACEN did not provide details on the transaction but said that BCHC is a subsidiary and a special purpose vehicle which will own land for the company’s development projects.
Earlier, the company said it is allotting as much as P70 billion for capital expenditures this year.
ACEN expects to complete 1,200 megawatts (MW) worth of RE capacity by the end of 2025, particularly from projects being developed in the Philippines, Lao and India.
The company said projects up for completion by the end of the year are: 146 MW from the Monsoon wind project in Lao PDR; 520 MW from Stubbo solar in Australia; 60 MW from a solar project in Pangasinan; 109 MW from the Stockyard wind project in Texas; 123 MW from a solar hybrid project in India; 160 MW from a wind project in Pagudpud, Ilocos Norte; and another 57 MW from the Capa wind project also in Pagudpud.
ACEN, as a group, aims to increase its RE capacity to 20,000 MW by 2030 to help provide clean, reliable and affordable energy to more people and to also become a Net Zero greenhouse gas emissions company by 2050.
Apart from the Philippines, ACEN also has projects in Australia, India, Lao PDR, United States of America, Indonesia, Malaysia, Vietnam, Bangladesh and Taiwan.
