ACEN Corp., the renewable energy arm of the Ayala Group, said Wednesday it will subscribe to 50 million new shares of Belenos Energy Corp., a special purpose vehicle for development projects in the Philippines.
ACEN will acquire the shares at their par value of P1, or a total P50 million. The new shares will come from the increase in Belenos authorized capital stock and will represent a 6.22 percent stake in the company. The subscription will be paid in cash.
The subscription by ACEN will allow Belenos to bankroll potential investments in renewable energy projects.
ACEN aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 gigaWatts of renewables capacity by 2030. ACEN is committed to transition its generation portfolio to 100 percent renewable energy by 2025 and to become a Net Zero greenhouse gas emissions company by 2050.
