MANILA – A subsidiary of ACEN Corp., the listed energy platform of the Ayala group, will be getting P677.36 million to partially fund the construction of a wind energy project in Ilocos Norte.
In a stock exchange disclosure on Wednesday, ACEN said it had subscribed to 3.608 million redeemable preferred D shares, 2.966 million redeemable preferred E shares and 199,399 redeemable preferred G shares of its wholly owned subsidiary Bayog Wind Power Corp. (BWPC) for P100 each.
This is equivalent to 8.06 percent of the total outstanding shares of BWPC.
ACEN had completed the initial payment of P182.72 million, which is around a quarter of the total amount it is expected to pay.
This will be used to fund the construction of BWPC’s 160-megawatt (MW) Pagudpud Wind Project in Barangays Balaoi and Caunayan in Pagudpug, Ilocos Norte province, ACEN said in its disclosure.
The P11.4-billion project is expected to be the Philippines’ largest windmill farm.
ACEN also recently acquired 26 percent of the total shares of its subsidiary Santa Cruz Solar Energy Inc., shelling out around P4.9 billion to fund the construction of the San Marcelino Solar Energy Power Plant Project.
The project is a 283-MW facility in Zambales province that is expected to be completed this year.
Part of ACEN’s net zero emission goals is to transition its generation portfolio to 100-percent renewable energy by 2025.
It currently owns a portfolio of 4,030 MW of net attributable capacity, with 98 percent coming from renewable technologies across the Asia-Pacific.
To reach its target, ACEN divested its 246-MW South Luzon Thermal Energy Corp. coal plant, from which it was able to generate P7.2 billion that will be reinvested into renewable energy projects. INQ
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