AC ENERGY Corp. has established a follow-up listing of up to 2 billion primary shares in a step that could raise up to P16.4 billion for the Ayala-led firm, seeking to become Southeast Asia’s largest listed renewable energy platform.
“[T]he Executive Committee of the Firm today accepted a FOO (follow-on-offer) price range of P6.00-P8.20 per share and a primary share problem size of up to two billion shares,” AC Energy said in Thursday’s stock market filing.
It added that the overall volume of the offering would include secondary shares, although that figure would be decided at a later date.
Eric T. Francia, president and chief executive officer of the firm, said in a media conference on Monday that he was looking at a P30-billion capital injection in AC Energy’s selling of securities this year, including P5.37 billion received in the equity rights offering that took place from January 18 to 22.
In November last year, he said in a briefing that the follow-up to the bid was one of the five moves that the group was pursuing in the restructuring and integration of the company.
The other moves are: the stock rights sale in the first quarter; the Singapore-based GIC Pte. Ltd. private placement of 4 billion securities by the end of the second quarter; the injection of overseas oil assets; and the selling of secondary shares by the holding company AC Energy and Infrastructure Corp to GIC.
“Between the capital raising, SRO (Share Rights Offering), Private Placement and FOO, it’s a big sum of cash we’re going to collect that might hit up to P30 billion of cash injection this year,” he said, adding that the number was a rough calculation.
He said that “a lot of this” will rely on the scale of the company’s next follow-up offering.
AC Energy plans to build 5 gigawatts of clean energy power by 2025, a goal that it intends to meet by the deadline.
Mr. Francia said that the company is preparing to hit the halfway point this year, with financing from its numerous capital-raising operations and opportunities in international markets.
“We plan to be in the two-and-a-half gigawatt mark for our Philippine and foreign channels. For now, we’re around 1,350 megawatts away (MW). We have about 900 MW in the foreign sector and 450 [MW] in the Philippines, but combined renewables are 1,350 [MW],” he said.
Mr. Francia stated that ventures utilizing solar and wind technology will take up a significant part of the company’s capacity by 2025.
“I don’t have a clear percent split between solar and wind, but what I can assure you is that solar and wind would have a lion’s share of our technology mix,” he said. “Solar is likely to be higher in terms of deployed power over wind.”
During the five-day offer span last month, AC Energy offered a total of 2,267,580,434 common shares at an offer price of P2.37 per share to qualifying shareholders of record as of January 13.