Ayala-led AC Energy Philippines, Inc. (ACEN) is investing extra funds into the development of a solar facility in Bataan.
The power firm informed the stock exchange on Friday that it signed a subscription deal with its wholly owned subsidiary Bataan Solar Energy, Inc. (BSEI) to amass P400 million-worth of shares.
“The infusion will likely be utilized by BSEI to further the alternatives introduced by rising clean energy technologies, and shall be used for numerous growth activities such as but not limited to securing land, allowing, enterprise venture research, project planning, and procuring and installing tools for new technologies in Mariveles, Bataan,” it stated.
It’s subscribing 7,999,190 common shares and 71,992,425 Class A redeemable preferred shares that it’s going to pay in tranches. It already settled roughly P99,989,520 in partial payment.
The share purchase continues to be subject to the approval of the Securities and Exchange Commission (SEC).
The funding in Bataan Solar is a part of the corporate’s P2.2-billion funding program to introduce new energy technologies within the Philippines.
Last month, AC Energy additionally subscribed shares in Buendia Christiana Holdings Corp., one among its special-purpose vehicles, to purchase and develop potential project sites.
It dedicated to buy its 2.5 million redeemable preferred B shares worth P250 million to be paid in traches. It made a partial fee of P62.5 million.
The energy firm in August stated it was pushing extra investments within the nation to contribute in raising its renewable power capability.
“Whereas we face important challenges amidst the present disaster, ACEN stays dedicated to investing within the nation and drive renewables expansion,” AC Power President and Chief Executive Officer Eric T. Francia stated.
The Philippine subsidiary of the Ayalas’ energy arm AC Power, Inc. goals to turn out to be the most important listed renewables platform in Southeast Asia. It targets to achieve 5,000 megawatts of fresh energy capability by 2025.