ACEN Corp., the renewable energy arm of the Ayala Group, said Wednesday it is increasing its stake in Greencore Power Solutions 3 Inc., its joint venture with Citicore Solar Energy Corp., strengthening its presence in the country’s solar market.
Greencore 3 operates the 115.671-megawatt photovoltaic solar power plant in Arayat and Mexico, Pampanga, a key asset in ACEN’s growing renewable energy portfolio.
Under a subscription agreement, ACEN will acquire an additional 2.41 million Common A shares at P1 each and 41.9 million RPS A shares at Php 20.41 per share, for a total consideration of P856.7 million. The subscription increases ACEN’s existing 45 percent stake and is less than 10 percent of the company’s total assets at the end of 2024.
Proceeds will help Greencore 3 partially settle outstanding loan obligations previously extended by ACEN for the project’s development and construction.
The subscription is part of a planned increase in Greencore 3’s authorized capital stock, and completion is subject to Securities and Exchange Commission approval. ACEN emphasized that the terms were mutually agreed upon and aligned with the project’s requirements.
By boosting its investment, ACEN reinforces its strategy to deepen its share in operational renewable energy assets while supporting joint ventures that drive sustainable growth. The move not only strengthens ACEN’s foothold in the Philippine solar market but also contributes to the country’s transition to clean energy.
