ACEN Corp. said Friday it will subscribe to newly-created shares of Belenos Energy Corp., which will give the listed renewable energy arm of the Ayala Group a 69.58 stake in the target company.
ACEN will infuse P467.75 million in Belenos, which will use the funds for investment into a potential renewable energy project.
The investment, which ACEN will pay in cash, is still contingent on the Securities and Exchange Commission’s approval of Belenos’ capital increase.
ACEN has more than 4,000 megaWatts of attributable capacity from owned facilities in the Philippines, Vietnam, Indonesia, India, and Australia, with a renewable share of 98 percent, which is among the highest in the region.
It aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 GW of renewables capacity by 2030.
