ACEN Corp. said Friday it will infuse P463.6 million in additional capital to two wholly-owned subsidiaries to bankroll their development of renewable energy projects in the Philippines.
The listed energy arm of the Ayala Group said it will infuse P327.6 million in GigaWind1 by subscribing to 1.2 million common shares and 326.4 million redeemable preferred, at a price equivalent to the shares par value of P1 each. Another P136 million will be used to subscribe to redeemable preferred shares of Ingrid2 Power Corp., which will use the funds for future renewable developments.
GigaWind1 Inc. has been awarded a contract by the Department of Energy to develop a wind farm across three towns in Zambales province. Called Zambales South Wind Project, it is expected to generate 200 megaWatts once completed. The project is still on pre-development stage.
At the end of 2022, DOE has approved dozens of wind projects with total potential capacity of 45,631 MW of renewable energy. Installed capacity now stands at 442.9 MW, with two-thirds of that attributable to ACEN.
ACEN aims to be the largest listed renewable energy platform in Southeast Asia, with a target portfolio capacity of 20 gigaWatts by 2030. It currently has 4,200 MW of attributable capacity spread across the Australia, India, Indonesia, the Philippines and Vietnam.
