Ayala-led AC Energy (ACEN) is investing Php2.2 billion for its 40-megawatt (MW) battery energy storage system (BESS) project in Alaminos, Laguna.
In a disclosure to the Philippine Stock Exchange on Monday, ACEN said it signed a subscription agreement with subsidiary Giga Ace 4, Inc. for the purchase of 43,975,375 common A shares for Php219 million and 395,958,366 redeemable preferred A shares for P1.98 billion.
The payment will be done in installments, with Php549.95 million to be given by April, while the remaining balance would be settled upon Giga Ace 4’s demand with the approval of its board of directors.
The transaction is subject to approval from the Securities and Exchange Commission.
Giga Ace 4 is one of AC Energy’s corporate vehicles for its development projects.
AC Energy, which aims to be Southeast Asia’s largest listed renewables firm, recently formed joint ventures with Solar Philippines and Citicore Power to develop various solar farms across the country.
Aside from ACEN, Aboitiz Power Corporation is also taking on BESS projects in Mindanao and Northern Luzon.