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ACEN injects ₱660 million into BCHC to fuel renewable energy growth

Business | The Stock Market

ACEN injects ₱660 million into BCHC to fuel renewable energy growth

By Gabriell Christel Galang

Ayala-led ACEN Corp. (ACEN) has announced an investment in its subsidiary, Buendia Christiana Holdings Corp. (BCHC), to support potential energy projects.

In a disclosure to the Philippine Stock Exchange on Tuesday, March 18, ACEN revealed it signed a subscription agreement with BCHC. ACEN will subscribe to 660,000 common shares and 5.94 million redeemable preferred shares (RPS) as additional capital for BCHC.

The total subscription price is ₱660 million, which BCHC will use to purchase real property for future power projects.

While project details remain undisclosed, Ayala’s real estate investment trust, AREIT Inc., completed a property-for-share swap with BCHC last year.

Valued at ₱28.6 billion, AREIT issued 841.26 million primary common shares to Ayala Land Inc. (ALI), BCHC, Greenhaven Property Ventures Inc., and Cebu Insular Hotel Co. Inc.

ACEN is one of the largest renewable energy (RE) platforms in the Asia-Pacific, with 7 gigawatts (GW) of attributable RE capacity: 3.3 GW operational, 2.3 GW under construction, and 1.4 GW in committed projects.

These projects are scheduled for development within the next 12 to 18 months.

Last week, the company reported a net income of ₱9.36 billion for 2024, a 27 percent increase from 2023.

ACEN’s total RE output for the year reached 5,596 gigawatt-hours (GWh), with earnings before interest, taxes, depreciation, and amortization (EBITDA) rising to P19.3 billion.

ACEN’s international portfolio grew to 3,770 GWh, driven by its assets in Australia, India, and Vietnam.

To further expand its RE business, ACEN plans to increase its capital stock from ₱48.4 billion to ₱58.4 billion.

Related Tags

ACEN Corporation Buendia Christiana Holdings Corporation

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