Ayala-led ACEN and its subsidiary ACE Endevor, Inc. have acquired 60% of renewable energy (RE) firm Nature’s Renewable Energy Development Corporation (NAREDCO) for its 200-megawatt direct (MWdc) current solar power plant project in Lal-lo, Cagayan.
In a disclosure to the Philippine Stock Exchange on Tuesday, ACEN and ACE Endevor it bought 82,500 NAREDCO common shares at Php100 apiece for a total transaction worth Php8.25 million.
NAREDCO serves as the special purpose vehicle for ACEN’s joint venture with CleanTech Renewable Energy 4 Corporation for the said project. The planned capacity for Phase 1 stands at 100MWdc.
ACEN President and CEO Eric Francia said during the maiden episode of Power Podcast in November it has approved equity funding for the Cagayan solar project.
Together with its upcoming 400MW project in India, ACEN expects the Cagayan venture to propel the company towards attaining 3,000MW in RE assets by early next year and a 5,000MW all-RE portfolio by 2025.