ACEN programs share sale to raise P30B
MANILA, Philippines — ACEN Corp., the listed energy arm of the Ayala Group, is planning to raise up to P30 billion from the stock market for a financial boost to its renewables expansion.
In a briefing on Wednesday, its president and chief executive, Eric Francia, said the group’s board of directors had given the green light to pursue a stock rights offer, which allows eligible investors to acquire new shares in ACEN.
Based on a disclosure before the local bourse, the company said a share would likely be priced at P2.30 apiece.
The final terms and conditions of the funding exercise have yet to be finalized.
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“[This is] to support our further expansion of renewable projects,” Francia told reporters.
The executive also said a portion of the proceeds from the rights offer would be used for debt settlement.
According to Jonathan Back, ACEN’s chief financial officer, the group hopes to complete the fundraising by September.
Aside from this, Francia said other sources of capital could come from new partners, whether in projects here or in foreign markets where ACEN is operating.
Officials said the company has no plans yet to penetrate other markets, as it sees further growth opportunities in the Philippines, Australia, Vietnam, Laos and India.
The group also has operations in Indonesia and the United States.
Future plans
ACEN, which has been ramping up its clean energy portfolio, expects to fire up an additional 1.2 gigawatts of new capacity by year-end, with new facilities coming online in the Philippines and abroad.
Two of the major projects scheduled for activation are the 520-megawatt (MW) Stubbo Solar facility in Australia and the 146-MW Monsoon Wind in Laos.
ACEN also has a wind project in Texas in the US, with a capacity of 109 MW, and a hybrid solar-wind plant in India with a 123-MW capacity.
In the local market, the firm has solar and wind plants in Pangasinan and Ilocos Norte slated for commercial operations.
Currently, its clean energy capacity has reached 7 gigawatts (GW), consisting of operating, under construction, and committed projects.
The company has an ambitious goal of reaching 20 GW of renewable capacity in the next few years.
