The Belenos Energy Corporation, a subsidiary of ACEN Corporation, is set to acquire shares that supply solar power to telecom towers and industrial facilities.
In a disclosure to the Philippine Stock Exchange (PSE), Belenos entered an agreement to acquire YMP Telecom Power Inc. and its affiliate, YMP Industrial Power Inc., by purchasing the 100% outstanding shares held by Yoma Micro Power (S) Pte. Ltd. in each of the companies.
Additionally, the acquisition price is less than 10% of ACEN’s book value, the company said.
The acquisition aimed to develop commercial and industrial solar power systems and solar-powered communications tower systems across the country.
“An acquisition price that is less than 10% of the book value of ACEN, for the purpose of building and operating solar-powered solutions for telecommunication towers and commercial and industrial solar power solutions in the Philippines,” said the corporation.
Currently, YMP, a renewable energy provider, supplies dependable and reasonably priced renewable energy to over 600 telecom towers.
Furthermore, ACEN has formalized a Facility and Security Agreement to extend a credit facility of up to Php 200 million to YMP Telecom Power Inc. This is to fund the development costs associated with various energy efficiency and renewable energy projects initiated by YMP Telecom Power Inc.
