MANILA -Ayala-led ACEN Corp. is investing nearly P2 billion in its Pangasinan-based subsidiary to further develop a solar power plant set for completion this year.
In a stock exchange disclosure on Thursday, ACEN said it had signed a subscription agreement with Sinocalan Solar Power Corp. (SSPC) to buy 199.98 million of the latter’s preferred shares for P10 apiece. This is equivalent to P1.99 billion.
ACEN, the listed energy platform of the Ayala group, said SSPC would use the budget to fund the development of the 60-megawatt Pangasinan Solar project in San Manuel town.
SSPC is a special purpose vehicle that will develop the facility, which is expected to power at least 55,000 homes annually once it is fully operational.
It will also help avoid 58,369 metric tons of carbon dioxide emissions, according to ACEN.
Pangasinan Solar will utilize ground-mounted solar photovoltaic panels and will be connected to the national grid through a 2-kilometer transmission line at the 69-kilovolt San Manuel substation, the company added.
In December, ACEN announced that it had acquired SSPC through a share purchase agreement with Sungrow Power Renewables Corp. and Havilah AAA Holdings Corp.
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