Listed renewable energy (RE) developer ACEN Corp. has signed an agreement with its subsidiary ACEN Technical Services Inc. (ACEN TSI) for the subscription of common shares and redeemable preferred shares (RPS) worth P75 million.
ACEN said in a disclosure to the Philippine Stock Exchange on Monday it subscribed last week to 7,500 common shares for P100 each and 67,500 RPS for P1,100 each to be issued out of the unissued portion of the authorized capital stock of ACEN TSI.
RPS are preferred stocks that a company can buy back in the future at a pre-determined price.
“The subscription will provide additional funding to ACEN TSI, which was constituted as the ACEN Group’s development and construction shared services company for Philippine development,” the company said.
ACEN said the money will be used by ACEN TSI for its operations but has not identified a specific project.
Earlier, the company said it is allotting as much as P70 billion for capital expenditure this year.
ACEN expects to complete 1,200 megawatts (MW) of RE capacity by the end of 2025, particularly from projects being developed in the Philippines, Lao PDR 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 as well as 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, Indonesia, Malaysia, Vietnam, Bangladesh and Taiwan.
