To advance its multiple renewable energy (RE) projects, ACEN Corporation has committed to additional shares totaling Php 12.87 billion in its six subsidiaries.
In a disclosure to the Philippine Stock Exchange, ACEN purchased shares in its units, specifically, SolarAce2 Energy Corporation, Sinocalan Solar Power Corporation, Giga Ace 6, Inc., Giga Ace 8, Inc., Gigasol1, Inc., and Santa Cruz Solar Energy.
By signing 799.48 million common A shares and 7.16 million redeemable preferred A shares in Giga Ace 6, ACEN has committed a total subscription price of Php 7.96 billion. This funding will be utilized for the development of an onshore wind power project in Quezon and Laguna, providing a total capacity of 335 megawatts (MW).
As for Giga Ace 8, the company has secured 7.2 million in common A shares, 64.8 million in redeemable preferred A shares, and 16.8 million in redeemable preferred C shares, amounting to a total of Php 2.4 billion and is earmarked for the Palauig Solar 2 Project, a 300.011-megawatt peak (MWp)/237 MW alternating current initiative.
Meanwhile, ACEN also signed 2.4 million redeemable preferred shares in Gigasol 1 for a total subscription price of Php 240 million.
It also agreed to subscribe to 2.5 million redeemable preferred shares worth Php 250 million with SolarAce 2 Energy.
In the case of Santa Cruz Solar Energy, the company has subscribed to 13.05 million common A shares and 117.53 million redeemable preferred A shares, amounting to Php 1.31 billion for the construction of the San Marcelino Solar Energy Power Plant Project.
Subsequently, ACEN invested 70.8 million in redeemable preferred A shares of Sinocalan Solar Power, totaling Php 708 million, to finance the construction of a 60 MWp solar power plant located in San Manuel, Pangasinan.
