ACEN Corp., the energy business of conglomerate Ayala Corp., is acquiring shares in a listed company under businessman Leandro Leviste’s Solar Philippines Power Project Holdings Inc.
In a disclosure on Wednesday, ACEN said it had signed definitive agreements with Solar Philippines and it affiliate, Provincia Investments Corp (PIC), for the acquisition of 500 million shares in SP New Energy Corp. (SPNEC) owned by Solar Philippines.
ACEN said this would be a pre-payment for part of the loan it extended to SPNEC, as well as payment of interest, and arrangement and security amendment fees in consideration for the company releasing its pledge over SPNEC shares owned by Solar Philippines.
To recall, in June 2021, ACEN extended a loan to Solar Philippines amounting to P1 billion to finance acquisition of project sites for solar power projects.