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Manila Bulletin devider Business devider ACEN reallocates RE power project funds

ACEN reallocates RE power project funds

Published Nov 17, 2023 05:45 am

At A Glance

  • ACEN Corp., an Ayala-led energy platform, has reallocated funds from its preferred share offering to eco-friendly power projects.<br>Transaction expenses related to the offering of Series A and Series B Preferred Shares have decreased by P16.85 million to P151.17 million.<br>The budget allocation for the Pangasinan Solar Project has been reduced by P372.40 million to P1.7 billion.<br>The budget for a solar project in Zambales has been reduced from P15 billion to P12.7 billion.<br>Expenses for the Cagayan North Solar Project have been raised to P659 million from its previous cost of P230 million.<br>About P2.4 billion has been injected into the IslaWind Power Project as a new Eligible Green Project.<br>Other project allocations, such as refinancing short-term bridge loans for Eligible Green Projects, remain the same at P4 billion.<br>The Palauig 2 Solar Project remains at P2.4 billion and the Capa Wind Project totals P850 million.<br>ACEN's Series A Preferred Shares are reported at 8.3 million, while Series B Preferred Shares are reported at 16.6 million.

Ayala-led energy platform ACEN Corp. has reallocated funds generated from its preferred share offering to its eco-friendly power projects.

In a disclosure to the Philippine Stock Exchange, ACEN listed the changes including its transaction expenses related to the offering of Series A and Series B Preferred Shares last Sept. 1.

According to ACEN, its transaction expenses incurred during the settlement have decreased by P16.85 million to P151.17 million from P168.2 million.

Meanwhile, ACEN lowered the budget allocation for the Pangasinan Solar Project by P372.40 million from P2.09 billion to P1.7 billion.

Budget for another solar project in Zambales was also reduced from P15 billion to P12.7 billion.

On the other hand, the Cagayan North Solar Project expenses were raised to P659 million, or P429 million, from its previous cost of P230 million.

An amount of P2.4 billion was then injected into the IslaWind Power Project after being considered as a new Eligible Green Project.

Other project allocations remained the same amount, such as the refinancing of short-term bridge loans for Eligible Green Projects, ACE said.

The loans were retained at P4 billion.

Meanwhile, the Palauig 2 Solar Project is still at P2.4 billion and the Capa Wind Project totaled to P850 million.

ACEN’s Series A Preferred Shares were recently reported at 8.3 million, while Series B Preferred Shares at 16.6 million. (Gabriell Christel Galang)

Related Tags

renewable energy ACEN Corporation
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