ACEN Corp. said it has paid an initial subscription price of P2.17 billion under the subscription contract signed with its wholly-owned subsidiary Giga Ace 8 Inc. in 2022.
The company said in a disclosure to the Philippine Stock Exchange yesterday Giga Ace 8 will use the money as additional funding for the proposed 300.011 megawatts (MW) peak Palauig solar 2 project in Zambales.
ACEN and Giga Ace 8 earlier signed for a shares subscription deal involving 321,879,704 shares equivalent to 53.22 percent for a total of P8.69 billion.
ACEN is one of the fastest growing renewable energy platforms in the Asia Pacific.
The company has effectively achieved its goal of reaching 5,000 MW of renewables capacity by 2025, with attributable capacity representing 4,700 MW of installed projects and 1,000 MW of signed agreements or won competitive tenders.
ACEN aims to increase its renewable 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.
ACEN also has projects in Australia, Vietnam, Indonesia, Lao People’s Democratic Republic, India, United States and Taiwan.
