AC Energy (ACEN) is reallocating part of its proceeds from its stock rights offering (SRO) and follow-on offer (FOO) amounting to Php7.07 billion to finance its renewable energy (RE) projects in Pampanga and Zambales.
In a disclosure to the Philippine Stock Exchange on Thursday, the Ayala-led firm said it will re-channel Php6.17 billion it earned in the FOO to partly finance its investment and land acquisition for a 250-megawatt direct current (MWdc) solar plant in San Marcelino, Zambales.
The said amount was originally allocated for the expansion of its 75MWdc solar farm further north in Palauig town to 130MWdc, new technology investments in the country, repayment of loans, and reduction of payables.
Meanwhile, the company is diverting Php900 million earned from the SRO to partly finance its 75MWdc solar plant joint venture with Citicore Power, Inc. in Arayat and Mexico, Pampanga.
The said funds were originally allocated for the 160MW Balaoi wind project in Pagudpud, Ilocos Norte, its RE laboratory in Mariveles, Bataan, new technology investments, and the Palauig solar project.
The Ayalas’ power arm reported a Php2.7 billion profit in the first half of the year, though its second quarter net income declined by 28%. It also recently announced a partnership with Hong Kong-based NEFIN Holding Limited for the developments of solar rooftop installations across Asia.