Ayala-led AC Energy Corporation has inked a subscription agreement with its subsidiary firm Giga Ace-4 Inc. for the purchase of common and preferred shares valued at aggregate P2.199 billion.
The Ayala firm said it purchased from its subsidiary-firm 43,975,374 common A shares for P219.876 million; and 395,958,366 redeemable preferred A shares for P1.979 billion.
The shares subscription, it was emphasized, shall be issued out of the authorized capital stock of Giga Ace 4, which is a subsidiary of AC Energy developing the 40-megawatt Alaminos battery energy storage system (BESS) project in Laguna.
The Ayala firm indicated in a disclosure to the Philippine Stock Exchange (PSE) that the payment of the shares subscriptions shall be done in tranches -- with an initial payment in April this year.
“Partial payment of the subscription price in the amount of P549,950,000.00 until April 2021,” the company stated, adding that “the balance of the subscription price shall be payable upon demand of Giga Ace 4 with the approval of Giga Ace 4’s board of directors.”
AC Energy further noted that the shares subscription shall be subject to relevant regulatory approvals –primarily that of the Securities and Exchange Commission (SEC) “on the creation of RPS (redeemable preferred shares) and increase in authorized capital stock of Giga Ace 4, and full payment of the subscription price.”
The Ayala firm previously indicated that it will be pursuing a 120-MW solar farm installation in Alaminos, Laguna; which is part of the investment it is targeting for completion this year.
The other solar plant developments of the company are those in Mexico and Arayat, Pampanga; as well as the installation in Palauig, Zambales.
The Philippine projects – including wind farm developments and diesel plant venture in Pililla, Rizal – are among the capacity build-up being advanced by the Ayala group onward to its 5,000MW capacity target by 2025.
AC Energy constantly stated that its power plant ventures – both in the Philippines and its offshore markets of Australia, India and several Asean countries – will dominantly lean on RE technology deployments.
The Ayala firm is also eyeing to become the biggest RE-listed firm in the Southeast Asian region once it reaches its blueprinted capacity installations in the next four years.