ACEN Corp. said Tuesday its board approved a plan to raise as much as P25 billion from the sale of preferred shares.
The energy arm of the Ayala Group said 12.5 million preferred shares will be sold at a price of P1,000 each with another 12.5 million preferred shares earmarked for oversubscription.
ACEN has been raising funds to bankroll its capacity expansion. It aims to build a renewable energy portfolio with a total capacity of 20 gigaWatts by 2030.
The power company has energy investments in the Philippines, Vietnam, Indonesia, India and Australia.
