Ayala-led ACEN Corporation has finalized a ₱875-million subscription deal with its subsidiary, Buendia Christiana Holdings Corp. (BCHC), to finance land acquisitions for the group’s upcoming energy projects.

In a disclosure to the Philippine Stock Exchange on Thursday, June 26, ACEN said the capital infusion into BCHC covers 875,000 common shares and 7.87 million redeemable preferred shares.

BCHC, which serves as ACEN’s special purpose vehicle for land acquisition, is slated to increase its authorized capital stock to up to ₱8.5 billion.

This is not BCHC's first such deal, as it previously signed a similar subscription agreement in March for 660,000 common shares and 5.94 million redeemable preferred shares, each priced at ₱100.

While specific power projects that will utilize these land acquisitions have not yet been disclosed, ACEN has previously revealed its renewable asset expansion, including the 133-megawatt (MW) Cagayan North Solar project.

One of ACEN's most recent strategic moves was the divestment of its three Luzon diesel plants, a step that allows the company to fully focus on renewable energy (RE).

The divested assets include the 52 MW diesel plant of Bulacan Power Generation Corp., the 116 MW diesel plant of One Subic Power Generation Corp., and the 21 MW diesel plant of CIP 11 Power Corp. These were sold to Ayala-led AC Energy and Infrastructure Corp. (ACEIC).

To further bolster its RE initiatives, ACEN has also scheduled a stock rights offering of up to ₱30 billion in September that aims to fund the expansion of the company’s renewable energy fleet and support green energy project developments in the coming years.