AC Energy Corp. (ACEN) said GIC Private Limited affiliate Arran Investment Pte. Ltd. has completed its subscription of primary shares via private placement worth P11.8 billion.
The company said the completion of the transaction will allow Nicole Goh Phaik Khim, GIC senior vice president for infrastructure to sit as director of ACEN.
“Ayala and GIC are both committed to sustainable investments, and we are excited to be partners in ACEN as the company transitions to a low-carbon portfolio. GIC provides not only growth capital but also the experience and network that will help us scale up our renewables investments,” said Fernando Zobel de Ayala, ACEN’s chairman, in a statement.
The initial placement will be spent by the company to fund its various developmental and operating projects, as well as potential acquisitions.
GIC through Arran is set to acquire a total of 17.5 percent ownership stake in AC Energy for a total of P20 billion through a combination of subscription to four billion primary shares with the completed private placement and purchase of secondary shares.
AC Energy expects to have over P30 billion available funding this year to achieve a portfolio of renewable energy to 2,500 megawatts (MW) by year-end.
Its current renewable portfolio is at a total of 1,350 MW, 900 MW of which are located outside the Philippines while the remaining 450 MW are located locally but has a target to reach a total of 5,000 MW by 2025.