(UPDATED) AC Energy’s subsidiary for the development of its 45-megawatt (MW) Balaoi wind farm project in Pagudpud, Ilocos Norte, as well as its renewable energy (RE) laboratory in Mariveles, Bataan and new technologies benefitted the most from its stock rights offering (SRO) last January.
In a disclosure to the Philippine Stock Exchange, the Ayalas’ power arm said it disbursed Php549.95 million of the Php5.37 billion it earned from the SRO for the said purposes.
Gigasol 3, Inc., the company’s corporate vehicle for its 60MW solar farm project in Palauig, Zambales received Php200 million. Meanwhile, SolarAce1 Energy Corp., which runs a 120MW solar project in Alaminos, Laguna.
The remaining Php65.1 million was spent on fees related to the SRO.
On Wednesday, parent firm Ayala Corporation reported that AC Energy aims to launch up to 1,000MW in renewable energy (RE) capacity this year, as part of its goal to build a 5,000MW RE portfolio by 2025.
The SRO, as well as the upcoming follow-on offering and Singaporean sovereign fund GIC’s recent private placement, are parts of the company’s target to raise Php30 billion this 2021 and become the largest listed RE platform in Southeast Asia.
Photo from AC Energy website.