ACEN Corp., the listed renewable energy arm of the Ayala Group, said Thursday it bought additional shares in Giga Ace 8 Inc. worth P8.7 billion.
ACEN said it will make an initial payment of P2.17 billion for the 26 million common A shares, 234.9 million redeemable preferred A shares, and 60.9 million redeemable preferred C shares.
The additional capital will be used by Giga Ace to fund the proposed 300 megaWatt peak/237MW alternating current Palauig Solar 2 project.
ACEN aims to have a total capacity of 20 gigaWatts of renewable energy by 2030.
