AC Energy (ACEN) will subscribe to 33.5 million common shares in subsidiary One Subic Power Generation Corporation, as its board approved the move to convert its advances worth Php680 million into equity.
In a disclosure to the Philippine Stock Exchange on Wednesday, the company said the move retains its 100% effective ownership in One Subic Power, which operates a 116-megawatt (MW) diesel power plant inside the Subic Bay Freeport in Olongapo City.
One Subic Power is 100% owned by Bulacan Power Generation Corporation, which is a wholly-owned subsidiary of ACEN.
Back in April, the Ayala-led firm began operating its 63MW solar farm up north in Palauig, Zambales. In May, it started building the country’s biggest wind farm with a 160MW capacity further north in Pagudpud, Ilocos Norte. It also recently tapped GE Renewable Energy to supply turbines for its 88MW wind farm project in Vietnam. The said projects are part of of the company’s goal to become Southeast Asia’s largest listed renewable energy (RE) firm and its target to build a total of 5,000MW in RE portfolio by 2025.
