AC Energy Philippines Inc. pursued the subscription agreement with affiliate firm SolarAce1 Energy Corp. for P1.86 billion.
In a disclosure to the Philippine Stock Exchange, the company said the transaction involved six million class A common shares and 180 million class A redeemable preferred shares (RPS) equivalent to 25.83 percent of SolarAce1 Energy’s total shares.
AC Energy Philippines paid for the common shares in full but settled only 35 percent of the RPS for a total amount of P699.96 million. The balance should be paid in full within the year.
The power generator said proceeds of the subscription will fund the initial works for the construction of SolarAce1 Energy’s 120 megawatts (MW) solar power farm in Alaminos, Laguna.