Ayala-led ACEN Corp. is reinforcing its commitment to renewable energy (RE) projects by infusing additional capital into its subsidiaries. ACEN has entered into subscription contracts with its wholly-owned subsidiaries to subscribe to additional shares, thereby increasing the authorized capital stock of each special purpose vehicle (SPV).
These subsidiaries, including Sinocalan Solar Power Corp. (SSPC), Santa Cruz Solar Energy Inc., SolarAce2 Energy Corp., Gigasol1, Inc., Giga Ace 8, Inc., and Giga Ace 6, Inc., have a combined investment commitment of P12.8 billion for various RE projects.
In a specific agreement with SSPC, ACEN is subscribing to 70,800,387 Redeemable Preferred A Shares for a total subscription price of Php708,003,870. This capital injection will support the development and operation of a ~60 MWp solar power plant in San Manuel, Pangasinan.
Similarly, ACEN is subscribing to additional shares in Santa Cruz Solar Energy Inc., SolarAce2 Energy Corp., Gigasol1, Inc., Giga Ace 8, Inc., and Giga Ace 6, Inc. These subscriptions, totalling billions of pesos, aim to enhance the financial capacity of each SPV for their respective RE projects, including wind power and solar ventures.
ACEN’s strategic move aligns with its ambition to become the largest listed renewables platform in Southeast Asia, targeting 20 gigawatts of renewable capacity by 2030. The capital infusion underscores ACEN’s dedication to advancing the renewable energy sector in the Philippines and contributing to the country’s sustainable energy future.