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Manila Bulletin devider Business devider The Stock Market devider ACEN plans ?30-billion stock rights offering to fund RE growth

ACEN plans ?30-billion stock rights offering to fund RE growth

Published Apr 23, 2025 06:25 am

ACEN Corp.

To fuel expansion and bolster its finances, ACEN Corp., Ayala Corp.’s renewable energy (RE) unit, plans to raise fresh capital through a stock rights offering (SRO).

In a disclosure to the Philippine Stock Exchange (PSE) on Wednesday, April 23, ACEN announced the approval to issue up to ₱30 billion in primary common shares, with a minimum price of ₱2.30 per share.

ACEN President and Chief Executive Officer (CEO) Eric Francia explained that this increase in authorized capital stock would enable the issuance of more shares through SRO or private sale.

“It’s to support our further expansion of renewable projects,” he stated.

Jonathan Back, ACEN chief finance officer (CFO) and chief strategy officer (CSO), anticipates their SRO to be completed within the year.

“The expectations [are that] we would like to get it done by September,” he added.

The final terms and conditions of the offering will be disclosed before its launch.

Beyond fundraising, Francia noted that the company is open to partnerships that could further expand their RE portfolio.

“There are other sources of capital, including potential partners going into our projects, or other investors going into our projects or some of our other platforms in the various markets where we participate in,” he elaborated. “Whether it’s in Australia, India, or Vietnam, or so forth. There are many other forms of capital that we will tap… The cash flows that we will continue to generate for these projects [will] fuel our growth.”

Recent RE developments expected to come online this year include the installation of 133 wind turbine towers for ACEN’s Monsoon Wind power project in Laos. This 600-megawatt (MW) international project will export its power to Vietnam, marking it as Southeast Asia’s first cross-border wind project. It is expected to power at least 298,100 households.

In January, ACEN, in collaboration with the United States (US)-based BrightNight, commenced commissioning the first phase of their 153-MW hybrid RE project in India. Once operational, this project is projected to reduce carbon emissions by 225,000 tons annually, while powering 230,000 homes.

ACEN’s other RE projects in the Philippines anticipated to be operational by 2025 include the 160-MW Pagudpud wind project, 57-MW Capa wind project, and 60-MW Pangasinan solar project.

Earlier this year, ACEN signed a short-term loan agreement with Pagudpud Wind Power Corp. (PWPC) as part of its cash management optimization efforts.

Capa wind farm is expected to supply power under the first round of the Department of Energy’s (DOE) Green Energy Auction Program (GEAP-1).

Meanwhile, the power generated from its Pangasinan solar project will be transmitted to the grid via a two-kilometer (km) transmission line connected to the 69-kilovolt (kV) San Manuel substation of National Grid Corporation of the Philippines (NGCP).

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ACEN Corporation stock rights offering (SRO)
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