Listed renewable energy developer ACEN Corp. has entered into a P75 million subscription agreement with subsidiary firm ACEN Technical Services Inc. (ACEN TSI). The deal involves ACEN subscribing to 7,500 common shares at P100 each and 67,500 redeemable preferred shares (RPS) at P1,100 each, to be issued from ACEN TSI’s unissued capital stock.
The subscription will provide ACEN TSI with additional funding for operations, supporting the company’s role as a shared services provider for the ACEN Group’s development and construction efforts in the Philippines. While no specific projects have been identified, the funds will aid in the execution of ACEN TSI’s ongoing work.
This development comes as ACEN continues to push its growth goals, allotting up to P70 billion as capital expenditures this year, with a focus on expanding its renewable energy capacity. By 2025, ACEN expects to complete 1,200 MW of RE capacity across the Philippines, Lao, and India, with ongoing projects in wind and solar energy.
Looking ahead, ACEN aims to reach 20,000 MW of RE capacity by 2030, contributing to its goal of becoming a net-zero greenhouse gas emissions company by 2050. The company is also expanding its presence in several countries, including the United States, Australia, and Vietnam.
