Ayala-led AC Energy Philippines, Inc. (ACEN) is investing more funds into the development of a solar facility in Bataan.
The power company told the stock exchange on Friday that it signed a subscription deal with its wholly owned subsidiary Bataan Solar Energy, Inc. (BSEI) to acquire P400 million-worth of shares.
“The infusion will be used by BSEI to further the opportunities presented by emerging clean energy technologies, and will be used for various development activities such as but not limited to securing land, permitting, undertaking project studies, project planning, and procuring and installing equipment for new technologies in Mariveles, Bataan,” it said.
It is subscribing 7,999,190 common shares and 71,992,425 Class A redeemable preferred shares that it will pay in tranches. It already settled approximately P99,989,520 in partial payment.
The share purchase is still subject to the approval of the Securities and Exchange Commission (SEC).
The investment in Bataan Solar is part of the company’s P2.2-billion funding program to introduce new energy technologies in the Philippines.
Last month, AC Energy also subscribed shares in Buendia Christiana Holdings Corp., one of its special-purpose vehicles, to buy and develop potential project sites.
It committed to purchase its 2.5 million redeemable preferred B shares worth P250 million to be paid in traches. It made a partial payment of P62.5 million.
The energy firm in August said it was pushing more investments in the country to contribute in raising its renewable power capacity.
“While we are facing significant challenges amidst the current crisis, ACEN remains committed to investing in the country and drive renewables expansion,” AC Energy President and Chief Executive Officer Eric T. Francia said.
The Philippine subsidiary of the Ayalas’ power arm AC Energy, Inc. aims to become the largest listed renewables platform in Southeast Asia. It targets to reach 5,000 megawatts of clean power capacity by 2025.
On Friday, shares in AC Energy were unchanged at P3.48 each. – Adam J. Ang
