ACEN Corp., the listed renewable energy arm of the Ayala Group, said Thursday its board approved several subscription contracts that will pour a total P12.86 billion in fresh investments to a number of wholly-owned subsidiaries mainly pursuing solar and wind farm projects.
Together, the six special purpose vehicles are expected to add more than 1,000 megaWatts to ACEN’s renewable energy portfolio.
More than half of the fresh capital will be poured into ACEN’s wholly-owned Giga Ace 6 Inc., which is now developing a 335 MW onshore wind farm located in the mountainous areas in provinces of Laguna and Quezon. ACEN agreed to subscribe to common and preferred shares worth a total P7.96 billion. An initial payment valued at P2.43 billion will soon be made to Giga Ace 6.
Santa Cruz Solar Energy Inc., another ACEN unit, will get P1.31 billion in new money from the listed renewable energy company for the SPV’s development of the 385 MW solar farm in San Marcelino, Zambales.
Another unit, Sinocalan Solar Power Corp., will get a capital infusion of P708 million, which will be used by the SPV to develop a proposed 60 MW solar power farm in San Manuel, Pangasinan. An initial P399.9 million will be transferred by ACEN to Sinocalan, with the balance payable on demand by the SPV’s board.
ACEN will subscribe to new common and preferred shares to infuse P2.4 billion to Giga Ace 8 Inc., which will use the fresh capital to fund the the proposed 300.011MWp/237MW AC Palauig Solar 2 Project.
The listed renewable energy company said P240 million will be injected into Gigasol! Inc. while P250 million will go to SolarAce2 Energy Corp. for their solar farm projects in Botolan, Zambales.
The fresh capital infusion is part of ACEN’s target to reach 20 gigaWatts of renewable capacity by 2030 and net zero green house gas emissions by 2050, including long-term decarbonization goals by 2040. Aside from the Philippines, ACEN also has renewable energy projects in Australia, India, Indonesia, Laos and Vietnam.
