ACEN Corp. has signed an agreement to subscribe to additional shares in Sinocalan Solar Power Corp. (SSPC) for nearly P2 billion, the Ayala-led energy company said on Thursday.

In a stock exchange disclosure, ACEN said it agreed to subscribe to 199.98 million of SSPC’s redeemable preferred shares priced at P10 apiece or a total of P1.99 billion, which will be issued out of the increase in its authorized capital stock.

ACEN said the investment will allow it to have significant ownership in SSPC, which is a special purpose vehicle for the development and operation of a 60-megawatt-peak (MWp) solar power plant in Pangasinan.

ACEN said that the transaction is still pending regulatory approval.

“Full payment of the subscription price [is] subject to the necessary regulatory approval by the SEC (Securities and Exchange Commission) on the increase in authorized capital stock of SSPC,” ACEN said.

In December, the company said that it had signed a share purchase agreement with Sungrow Power Renewables Corp. and Havilah AAA Holdings Corp. for the acquisition of SSPC.

ACEN has around 4,200 MW of attributable capacity spread across the Philippines, Vietnam, Indonesia, India, and Australia. The energy company is targeting to expand its renewable energy portfolio to 20 gigawatts by 2030.

The company has also set its ambition to transition its power generation portfolio to fully renewable energy by 2025. It is targeting to reach 20 gigawatts of renewable capacity by 2030.

At the local bourse on Thursday, shares in the company shed 22 centavos or 3.86% to end at P5.48 apiece. — Ashley Erika O. Jose