ACEN Corp., the renewable energy arm of the Ayala Group, said Tuesday it is providing P1.5 billion of additional funding for units undertaking wind and solar projects in the northern provinces of Luzon, with a combined capacity of 256 megaWatts.
Listed firm ACEN said its will lend P500 million to its wholly-owned subsidiary Gigasol Inc., a special purpose vehicle established for the development of a 186 MW solar farm in Zambales. The funds will be used for the development and capital expenditure requirements of Gigasol1.
For wind farms in Pagudpud, Ilocos Norte, ACEN will subscribe to P1 billion worth of shares of North Luzon Renewable Energy Corp. and Philippine Wind Holdings Corp.
ACEN will subscribe to P495.4 million worth of NLR’s redeemable preferred C shares. The additional capital will be used for the construction and completion of a 70MW power project of NLR’s wholly-owned Amihan Renewable Energy Corp. NLR is a joint venture between ACEN and Diamond Generating Asia Ltd., a unit of Japan’s Mitsubishi Corp.
Meantime, ACEN will infuse P504.5 million of additional capital to PhilWind, another joint venture company between ACEN and Diamond Generating. PhilWind is the majority shareholder of NLR.
