ACEN hikes stake in Pagudpud wind farm
MANILA -Ayala-led energy firm ACEN Corp. is infusing an additional P255.69 million into one of its subsidiaries to further develop the 160-megawatt (MW) Pagudpud Wind Project that is set to operate at full capacity by the latter part of the year.
ACEN, the listed energy platform of the Ayala group, on Tuesday said it had subscribed to 255,690 common shares and around 2.3 million class A redeemable preferred shares of Pagudpud Wind Power Corp. (PWPC).
The funds will be used by PWPC to subscribe to shares of Bayog Wind Power Corp. (BWPC) for the continuing construction of the Pagudpud Wind Project in Barangays Balaoi and Caunayan, ACEN noted in its disclosure to the Philippine Stock Exchange.
The facility is currently running at 80 MW or 50-percent capacity, according to ACEN chief risk officer John Philip Orbeta.
“It is guaranteed that all the proceeds are really going to renewables. We’re doing the value realization so that we have the capital that we can recycle into our renewable projects,” Orbeta told reporters on the sidelines of the WTW Asia Power and Energy Conference on Tuesday.
The remaining 80 MW of capacity is expected to run later this year, he added.
ACEN is set to present the Pagudpud Wind Project to President Marcos on Friday.
Last month, the company infused P677.36 million into BWPC to fund the P11.4-billion project located in Ilocos Norte province. INQ