ACEN invests Php 12M in Paddak Energy

ACEN Corporation is making a multimillion-peso investment in its subsidiary, Paddak Energy Corporation, to enhance its operations in the Philippines.

In a disclosure to the Philippine Stock Exchange (PSE), ACEN announced it had agreed to subscribe to 1.2 million common shares and 10.8 million preferred shares of Paddak Energy, with each share priced at a par value of Php 1.

The subscribed shares account for 75% of Paddak Energy’s total outstanding shares and will come from its unissued authorized capital stock. The P12-million investment will give ACEN full ownership of Paddak Energy.

Paddak Energy has been tasked with providing technical operations and maintenance services for ACEN’s Philippine subsidiaries.

Meanwhile, ACEN, through its affiliate ACEN Vietnam Investments Pte. Ltd., has invested USD 70.5 million to acquire a 49% stake in BIM Energy, a subsidiary of Vietnam’s BIM Group.

BIM Group, a conglomerate in Vietnam, operates across various industries, including renewable energy, real estate, agriculture, and consumer services.

This investment strengthens ACEN’s renewable energy portfolio in Vietnam, particularly the 405-megawatt (MW) Ninh Thuan Solar farm, recognized as one of Southeast Asia’s largest solar facilities.

On a global scale, ACEN’s renewable energy portfolio has reached 6.8 gigawatts (GW), including over three GW of operational projects, 2.3 GW under construction, and 1.4 GW of committed capacity.

To drive its expansion further, ACEN aims to raise USD 15 billion by 2030, targeting an increased renewable energy capacity of 20 GW.