ACEN Corporation is increasing its investment in its subsidiary, Belenos Energy Corporation, to support its expansion into the renewable energy sector.
Philippine Star reported that ACEN signed a subscription agreement last week to acquire 81 million redeemable preferred shares of Belenos, valued at Php 81 million.
ACEN stated that this subscription will give it substantial ownership in Belenos and facilitate Belenos’ investment in a potential renewable energy project.
Upon regulatory approval of the increase in authorized capital stock, these shares, accounting for 10.75% of Belenos’ total outstanding shares, will be issued accordingly.
This follows an agreement signed last month in which ACEN subscribed to around Php 467.75 million worth of Belenos shares.
In December 2023, ACEN announced its plans to subscribe to Php 22.33 million in common shares and an additional Php 200.93 million in redeemable preferred shares of Belenos.
Meanwhile, in the first half of 2024, ACEN reported a 49% increase in earnings, reaching Php 6.3 billion, up from Php 4.2 billion the previous year, driven by a 42% rise in renewable energy output.
During this period, ACEN generated a total renewable energy output of 2,908 gigawatt-hours (GWh), with 1,015 GWh produced in the Philippines.
ACEN’s current portfolio includes approximately 4.8 GW of attributable renewable energy capacity, either in operation or under construction, along with over 1 GW of recently secured agreements and competitive tenders.
Belenos serves as a special-purpose vehicle for the ACEN Group’s renewable energy projects in the Philippines.
