ACEN Corp., the energy arm of the Ayala Group, said Thursday it will acquire 199.9 million redeemable preferred shares of Sinocalan Solar Power Corp.
ACEN will pay a total P1.99 billion for the preferred shares of Sinocalan, a company developing a 60 megaWatt-peak solar farm in San Manuel, Pangasinan. The shares represent a 70 percent stake in Sinocalan.
The transaction is expected to be accretive to ACEN as it will finance the solar farm development. ACEN will pay the subscription in cash.
The deal, which will make Sinocalan a subsidiary of the listed Ayala unit, is still subject to regulatory approval.
ACEN could soon reach 5 gigaWatt capacity in line with it goal of hitting 20 GW of renewable energy capacity by 2030. Just recently, ACEN completed the Pagudpud wind farm in Ilocos Norte, with an installed capacity of 160 MW but only operating at 80 MW.
