AYALA-LED AC Energy Corp. announced on Wednesday that the proceeds from its follow-on sale would be used to partially finance its proposed renewable energy (RE) programs.

According to a press release, the net proceeds from the selling of primary securities would be used for inorganic growth prospects, debt repayment and payable elimination, and other general corporate needs, in addition to the pipeline RE programs.

“The Company would not gain any profits from the selling shareholders’ disposal of secondary shares,” it said.

AC Energy set the price of its bid at P6.50 a share, citing a book building phase that “saw substantial involvement from leading global long-term institutional investors.”

The retail sale cycle for the fund-raising started on May 3 and will conclude on May 7. The securities are scheduled to go public on May 14.

The company is offering up to 2.01 billion common stock, divided into 1.58 billion main shares, 330.24 million secondary shares provided by selling shareholders AC Energy and Infrastructure Corp. (ACEIC) and Bulacan Power Generation Corp., and up to 100 million secondary shares available as an oversubscription opportunity.

According to AC Energy President and CEO John Eric T. Francia, the follow-on offering “completes the company’s strong fund-raising activities this year and helps it to play a meaningful role in the green driven turnaround.”

“We are thankful for our regulators’ ongoing encouragement, as well as the overwhelming response we got from institutional investors during the book-building phase. “The strong investor support cements AC Energy’s status as the region’s leading renewables platform,” he said.

AC Energy aspires to become Southeast Asia’s largest listed renewables site, with a target net attributable potential of 5,000 megawatts by 2025.

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