ACEN Corp., the energy platform of the Ayala Group, said Thursday it is subscribing to additional preferred shares of Natures Renewable Energy Development, or NAREDCO, for a total P211.5 million.
The additional subscription will fund NAREDCO’s development of 114 megaWatts direct current Cagayan North Solar Plant project in La-lo, Cagayan. Cagayan North Solar is a joint venture between ACEN and CleanTech Renewable Energy 4 Corp.
ACEN will subscribe to 44,990 redeemable preferred shares A and 32,720 redeemable preferred shares C. Since August, ACEN has subscribed to P3.01 b billion preferred shares of NAREDCO.
The new subscription is subject to the Securities and Exchange Commission’s approval of the increase in the authorized capital of NAREDCO.
