AYALA-LED AC Energy Corp. will subscribe to 33.49 million common shares in its wholly owned One Subic Power Generation Corp. as the listed company’s executive committee cleared the conversion of its advances into equity.

In a disclosure on Wednesday, AC Energy said its executive committee approved the conversion into shares of the P680 million it advanced to the unit. It said the move retains its 100% effective ownership in One Subic Power.

One Subic Power is wholly owned by Bulacan Power Generation Corp., which is 100% owned by AC Energy. The Subic-based firm operates a 116-megawatt (MW) diesel power plant, based on its LinkedIn profile.

Last month, the AC Energy said that it had started the construction of a 160-MW wind farm in Pagudpud, Ilocos Norte, which it described as the country’s largest wind farm to date. It aspires to become the largest listed platform in Southeast Asia as it aims to reach a net attributable capacity of 5,000 MW by 2025.

Shares in AC Energy at the local bourse improved by 4.22% or 32 centavos to finish at P7.91 apiece on Wednesday. — A.Y. Yang