ACEN Corp., a listed renewable energy (RE) developer, has entered into a subscription agreement with subsidiary firm Buendia Christiana Holdings Corp. (BCHC), committing P660 million in investments. This involves the purchase of 660,000 common shares and 5,940,000 redeemable preferred shares (RPS) from BCHC, a special purpose vehicle created to manage land acquisition for ACEN’s growing portfolio of power projects.
BHC will use the funds to secure real property necessary for ACEN’s potential renewable energy projects. No further specifics disclosed. This transaction is crucial for ACEN as the company pursues an expansive development strategy in the renewable energy sector. ACEN previously outlined a P70 billion capital expenditure program this year, aiming to complete 1,200 MW of renewable energy capacity by year end. This includes diverse projects in the Philippines, Laos, India, and other international markets.
ACEN is actively scaling its renewable energy projects, aiming for a 20,000 MW RE capacity by 2030 and achieving net-zero greenhouse gas emissions by 2050. The company has notable ongoing projects, such as the 146-MW Monsoon wind project in Laos, 520-MW Stubbo solar farm in Australia, and several wind and solar developments across the Philippines, India, and the United States. The strategic move to secure land through BCHC underscores ACEN’s aggressive expansion plans across multiple international markets and its continued commitment to clean, affordable energy solutions.
