Energy firm ACEN Corp. has agreed to purchase additional shares worth P1 billion in its subsidiary Buendia Christiana Holdings Corp. (BCHC), as disclosed to the Philippine Stock Exchange. The transaction covers 1 million common shares and 9 million Redeemable Preferred Shares A, both priced at P100 per share, funded through an increase in BCHC’s authorized capital stock.
BCHC acts as a special purpose vehicle that owns and manages land for ACEN’s development projects. The new capital will be used to finance land acquisition and existing project purchases for renewable energy initiatives. The deal is subject to approval from the Securities and Exchange Commission regarding BCHC’s capital stock increase.
Separately, ACEN’s affiliate Unlimited Renewables Holdings B.V. entered into an agreement with Netherlands-based Diamond India Renewables One B.V. (DIRO), a subsidiary of Japan’s Mitsubishi Corporation. DIRO will acquire up to 49 percent stake in Tejorupa Renewables India Project Private Limited, which is developing a 250MW solar power facility in Rajasthan.
ACEN, the energy investment arm of the Ayala Group, targets adding or starting construction of 1,000 MW of new capacity this year, focusing largely on battery energy storage systems. The company aims to reach 20,000 MW of renewable capacity by 2030 and achieve net zero greenhouse gas emissions by 2050. Its operations span multiple countries including the Philippines, India, Australia, Laos, Vietnam, the United States, Indonesia, Malaysia, Bangladesh and Taiwan.
