With the recent completion of its stock rights offering (SRO), Ayala-led AC Energy (ACEN) said that it is on its way towards becoming Southeast Asia’s largest listed renewable energy (RE) platform.
“The tripling of ACEN’s balance sheet would pave the way for rapid expansion of its renewable business across the region, while also allowing us to make more sustainable investments that are certainly needed and welcomed during these challenging times,” ACEN Chairman Fernando Zobel De Ayala said during the SRO’s listing ceremony at the floor of the Philippine Stock Exchange (PSE) last Friday.
The Ayalas’ power arm raised over Php5.37 billion from the SRO, in which 2.27 billion shares were sold at Php2.37 apiece to eligible stockholders from January 18 to 22. The SRO is among the steps AC Energy needs to accomplish to make way for a Php20 billion infusion from Singaporean sovereign wealth fund GIC Private Ltd.
PSE President and CEO Ramon Monzon, for his part, commended ACEN on its initiatives to grow its renewables portfolio and congratulated the company for its successful SRO.
“The demand for this SRO speaks of the confidence in ACEN’s vision and strategic direction. Part of that vision is to increase the company’s energy capacity from renewables to 5,000 megawatts (MW) by 2025. I am pleased that PSE is able to support this undertaking as funds raised in the rights offer will be primarily used for at least four solar projects in Luzon, one wind project and a renewable energy laboratory,” he said.
ACEN said late last year that it aims to hit half of it 5,000MW RE portfolio target this year. The company has over $1 billion of invested and committed equity in renewable and thermal energy in the Philippines, the Asia-Pacific region, and India.
Photo from AC Energy Facebook page.