AC Energy Corp. has signed a subscription agreement with its wholly-owned subsidiary, Giga Ace 4, Inc. for P2.19 billion.
AC Energy said the money will be utilized by Giga Ace 4 to develop a 2×20 megawatts (MW) battery energy storage project in Alaminos, Pangasinan.
Involved shares in the deal are 43,975,374 common A shares at the subscription price of P219,876,870 and 395,958,366 redeemable preferred A shares at the subscription price of P1,979,791,830.
In a disclosure to the Philippine Stock Exchange, AC Energy said partial payment of P549,950,000 will be made until April 2021 while the balance will be payable upon demand of Giga Ace 4 with the approval of its board of directors.
AC Energy expects over P30 billion in funding to achieve a portfolio of renewable energy (RE) to 2,500 MW this year. – Jed Macapagal