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Manila Bulletin devider Business devider ACEN inks P14-B subscription deals

ACEN inks P14-B subscription deals

Published Dec 30, 2021 03:00 pm

Ayala energy firm ACEN Corporation has inked subscription agreements for P14-billion worth of shares purchase in two subsidiaries to bankroll the development of its greenfield solar and wind projects in Luzon.

For the solar venture, ACEN signed a subscription deal with its subsidiary Santa Cruz Solar Energy Inc. (SCSEI) to acquire 69,996,316 common A shares and 629,966,843 redeemable preferred A shares – and the total subscription price had been pegged at P6.999 billion.

“The subscription will be used by SCSEI to fund the construction of the 283-megawatt San Marcelino solar power project,” the Ayala firm said.

That solar farm venture is one of the renewable energy installations being advanced for completion by the first half of 2023,based on project timeline earlier disclosed by the company.

ACEN specified that full payment to the shares’ subscription shall be “subject to the necessary regulatory approval by the SEC (Securities and Exchange Commission) on the increase in authorized capital stock of SCSEI.”

Separately, the Ayala energy company also sealed subscription pact with its other subsidiary Bayog Wind Power Corporation (BWPC) “for the subscription by ACEN to 36,218,032 redeemable preferred D shares; 29,759,408 redeemable preferred E shares; and 4,022,560 redeemable preferred G shares of BWPC.” The transaction was worth P7 billion.

As emphasized, the shares’ subscription will be used by project-developer firm BWPC “to fund the continuing works for the construction of the 160MW Pagudpud wind project,” which is sited in barangays Balaoi and Caunayan in Pagudpud, Ilocos Norte.

“The project will be wholly owned by the company following board approval of the acquisition by the company of the ownership interest of UPC Philippines Wind Investment Co. BV and Stella Marie L. Sutton in BWPC,” ACEN said.

The Ayala company similarly noted that its shares acquisition from subsidiary BWPC will be subject to agreed conditions precedent, including required partner, financing and regulatory approvals, as well as the subsequent execution of definitive documentations.

The wind farm project, which will command aggregate investment of P11.4 billion, is targeted for completion within the fourth quarter of 2022 and i full commercial operation in the first quarter of 2023.

The facility is equipped with the latest wind turbines being supplied by European industrial giant Siemens Gamesa; and each turbine has a capacity of 5.0 megawatts.

Related Tags

#ACEN #BWPC #SCSEI #SHARESSUBSCRIPTION #REPROJECTS #WIND #SOLAR
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