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Manila Bulletin devider Business devider ACEN to invest P13 B in six subsidiaries

ACEN to invest P13 B in six subsidiaries

To fund renewable energy projects

Published Dec 28, 2023 05:39 am

At A Glance

  • ACEN Corp. signed six investment contracts to its special-purpose vehicles (SPVs) to push through with the renewable energy (RE) developments in the country.<br>In total, ACEN will invest P12.8 billion into the six SPVs.<br>Giga Ace 6, Inc. will receive a P7.96 million subscription for the the onshore wind power project in Laguna and Quezon Provinces.<br>Giga Ace 8 to have P2.39 billion for the development of the Palauig Solar 2 Project.<br>Gigasol1, Inc. will get P240 million, while SolarAce2 Energy will get a P250 million subscription for other RE project investments.<br>Santa Cruz Solar Energy, Inc. will get a P1.305 billion support for the Solar Energy Power Plant Project in San Marcelino, Zambales.<br>Sinocalan Solar Power Corp. will also get P708 million for the power plant project construction in San Manuel, Pangasinan.

Ayala-led ACEN Corp. is injecting more capital into its six subsidiaries to bolster the development of renewable energy (RE) projects in the country.

ACEN, in its filings with the Philippine Stock Exchange, said that it has entered into agreements for the purchase of unissued shares in Giga Ace 6, Inc., Giga Ace 8, Inc., Gigasol1, Inc., SolarAce2 Energy Corp., and Santa Cruz Solar Energy Inc.

These six firms, with a combined investment commitment of P12.8 billion, are wholly-owned special purpose vehicles of ACEN, established for renewable energy (RE) projects.

ACEN signed an agreement with Giga Ace 6 for a P7.96 million investment, acquiring newly issued 799 million common A shares and seven million redeemable preferred shares A.

Giga Ace 6 received an initial payment of P2.425 billion from ACEN, which will help fund the development of a 335-megawatt onshore wind power project in Laguna and Quezon.

Giga Ace 8, another ACEN SPV, will also receive P2.39 billion for the 300.011 MW power or 237 MW Palauig Solar 2 Project.

ACEN’s contribution will be placed into the 7 million common A stock, and 64.8 million redeemable RPS A, with an initial payment of P600 million.

Other SPVs, like Gigasol1 and SolarAce2 Energy Corp., will have ACEN’s additional subscription for the RE development activities in the country.

Through the agreements made, Gigasol1, Inc. will get P240 million along with a P120 million initial payment.

Meanwhile, SolarAce2 Energy will get a P250 million subscription.

This will add to Gigasol1’s two million RPS A and SolarAce2’s 2.5 RPS.

Further developments, like the San Marcelino Solar Energy Power Plant Project in San Marcelino, Zambales, will also expect ACEN’s monetary investment.

Santa Cruz Solar Energy, Inc., an ACEN SPV, will receive a subscription of P1.305 billion to be included in its 13 million common A shares and 117.5 million RPS A.

The investment will support phases 1 and 2 of the power plant project.

Lastly, Sinocalan Solar Power Corp. (SSPC), an SPV for the power plant project in San Manuel, Pangasinan, has also made a subscription deal with ACEN.

A total of P708 million will be used to fund the ~60 MWp solar power plant development and operation.

Nearly P400 million or P399.9 million will be subscribed as an initial payment into SSPC

ACEN hopes to be the largest listed renewables platform in Southeast Asia, aiming for a 20 gigawatt (GW) renewable capacity by 2030.

Related Tags

offshore wind ACEN solar power
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