AC Energy (ACEN), the Ayalas’ power unit, will invest Php250 million in subsidiary firm Buendia Christiana Holdings Corporation (BCHC) through a shares subscription arrangement.
In a disclosure to the Philippine Stock Exchange, ACEN said that it signed a subscription agreement deal with BCHC.
Under the deal, ACEN will acquire 2.5 million Redeemable Preferred B Shares from BCHC with a par value of Php100 per share.
BCHC is a special purpose vehicle that will purchase land for ACEN’s development projects.
AC Energy President and CEO John Eric Francia said that the BCHC transaction will have valuable synergy with the solar farm installation projects.
ACEN has been aggressively pushing for solar power and renewable energy (RE) in general with its goal of reaching a 5,0000-megawatt total RE capacity by 2025.
This year, the company has unveiled solar projects in Laguna, Pampanga, and Zambales.