ACEN Corp. has subscribed to additional shares of affiliate Greencore Power Solutions 3 Inc. for a total of P859.12 million, the company told the Philippine Stock Exchange.
Greencore 3 will use the funds to partially pay an outstanding loan to ACEN, which was earlier extended to support the development of a 116-MW solar power plant in Arayat and Mexico, Pampanga.
The transaction covers 2.41 million Common A shares worth P2.4 million and 41.97 million redeemable preferred shares worth P856.7 million.
ACEN has not disclosed how the subscription will affect its ownership in Greencore 3. Before the deal, ACEN held a 45 percent stake in the joint venture with Citicore Solar Energy Corp.
The Arayat-Mexico solar plant has a capacity of 115.671 MW.
ACEN is targeting 20,000 MW of renewable energy capacity by 2030 and aims to achieve net-zero greenhouse gas emissions by 2050. The company expects to add 1,200 MW of new RE capacity by end-2025 from projects in the Philippines, Laos and India, alongside ongoing developments in Vietnam, the U.S., Indonesia, Malaysia, Bangladesh, and Taiwan.
