Ayala-led ACEN is raising a total of Php14 billion to develop solar and wind projects.
In separate disclosures to the Philippine Stock Exchange on Wednesday, ACEN said it signed subscription agreements with subsidiaries Santa Cruz Solar Energy Inc. (SCSEI) and Bayog Wind Power Corporation (BWPC) for Php7 billion each.
For SCSEI, ACEN will subscribe to around 70 million Common A Shares and 629.97 million Redeemable Preferred A Shares (RPS A) for Php10 apiece. SCSEI will be using the funds to raised for the construction of the 283-megawatt (MW) San Marcelino Solar Power project in Zambales, which sits on land covered by lahar from Mt. Pinatubo.
For BWPC, ACEN will subscribe to 36.22 million Redeemable Preferred D Shares, 29.76 million Redeemable Preferred E Shares, and 4.02 million Redeemable Preferred G Shares at Php100 apiece.
“The subscription will be used by BWPC to fund continuing works for the construction of the 160MW Pagudpud wind project in Barangays Balaoi and Caunayan, Pagudpud, Ilocos Norte,” ACEN said.
ACEN recently upped its stake in its Ilocos wind farms, which forms part of the company’s move to build a 5,000MW all-renewable energy portfolio by 2025.