ACEN Corp., the renewable energy arm of the Ayala Group, said it will invest anew in two Philippine solar energy projects as part of its overall push to be the largest listed renewables platform in Southeast Asia.
ACEN targets generating 20 gigawatts of renewable energy by 2030.The Ayala company said Thursday it signed a new subscription agreement on 2.14 million shares of wholly-owned subsidiary Gigasol1 Inc. the total P2.14 billion proceeds of which will fund Gigasol1’s solar farm project in Botolan, Zambales seen initially generating 186 megawatts.
Also on Thursday, ACEN agreed to buy shares of Maraj Energy and Development Corp. in Real Wind Energy Inc. equivalent to a 60 percent stake.
Financial details are still being finalized but ACEN said the transaction equals 10 percent of the listed Ayala energy firm.Real Wind is a special purpose vehicle established to develop and operate the 500-MW wind energy plant in Real, Quezon.
The RWEI project is strategically located close to another ACEN wind project across Laguna and Quezon. The acquisition presents opportunities for synergies through the joint use of logistical routes, transmission lines, and substation infrastructure.
