Ayala energy unit gets P442-M infusion to accelerate projects

AC Energy Philippines Inc. (ACEN) has cued an infusion of P442 million into its subsidiary ACE Endevor Inc. to help in the development of power projects that will be built from scratch and for the expansion of existing facilities.

The Ayala group’s energy platform said in a disclosure it signed a subscription agreement for about 4.42 million shares in ACE Endevor at P100 apiece, representing 13.5 percent of the latter’s total outstanding shares.

“The subscription will be used by ACE Endevor to fund the requirements of its various development projects,” the disclosure read.

Under the ACEN umbrella, ACE Endevor is tasked with developing greenfield projects as well as looking at expansion opportunities in existing plants.

Last August, ACEN approved a P5-billion plan for ACE Endevor to acquire land amid moves to develop various projects in different areas across the country.

Back then, ACEN said the subsidiary was looking at expanding into other parts of the Philippines for the development of power generation and other types of projects.

One of the projects that ACE Endevor is involved in is the 150-MW Ingrid diesel-fired power plant in Rizal province, which is expected to start operation in Pililla town in the first quarter of 2021.

The Ingrid project still needs a go-ahead from the Philippine Competition Commission.