ACEN Corp., the Ayala Group’s energy arm, has disbursed P7.65 billion in proceeds from its preferred shares offering last year to beef up its renewable energy projects in Luzon.
In a disclosure to the local bourse, the company said P4 billion would finance its solar projects in Zambales.
The remaining P3.6 billion, meanwhile, would go for the Isla Wind project, an onshore wind development that requires an investment of about P38 billion. It spans across the provinces of Laguna and Quezon, and is designed to produce 335 megawatts (MW) of clean energy. It is expected to inject power into the grid by the last quarter of 2025.
ACEN had offered preferred shares September last year, during which it recorded “strong demand” from investors, allowing it to exercise its oversubscription option of up to P12.5 billion on top of the base offer of P12.5 billion.
READ: ACEN, GenZero, Keppel seek quick exit of coal-fired plants
According to its filing, the bulk of the proceeds, or P13.19 billion, earlier went to finance its eligible green projects.
A total of P4 billion also covered its refinancing of short-term bridge loans for clean energy projects.
ACEN previously said that the funds could finance the development of over 1 gigawatt (GW) of renewable energy projects in the Philippines.T
he group’s renewable capacity currently stands at 4.8 GW, but it targets to scale this up to 20 GW by 2030.
Just this month, ACEN signed an agreement with Tamasek-led investment platform GenZero and Singapore’s Keppel Ltd. to hasten the retirement of coal-fired plants, starting with the 246-MW South Luzon Thermal Energy Corp. coal plant in Batangas. INQ