MANILA, Philippines — ACEN Corp. is investing an additional P211.49 million in the special purpose vehicle developing a 133-megawatt direct current (MWdc) solar farm in Cagayan.
In a stock exchange filing, ACEN said it subscribed to a total of 77,710 shares of Natures Renewable Energy Devt. Corp. (NAREDCO) composed of 44,990 redeemable preferred shares A (RPS A) and 32,720 redeemable preferred shares C (RPS C) to be issued out of the increase in the latter’s authorized capital stock.
The RPS A shares were priced at P2,820.51 per share for a total of P126.89 million, while the RPS C have a par value of P2,585.55 apiece for a total of P84.60 million.
ACEN said the subscription price would be used by NAREDCO to fund the development of the 133-MWdc Cagayan North solar power plant project (Phase 1) in Lal-lo, Cagayan.
NAREDCO is a special purpose vehicle for the development of the solar power plant, which is ACEN’s joint venture project with Cleantech Renewable Energy 4 Corp.
Commercial operations of the project, which will be developed in two phases, are expected to commence in 2024.
ACEN, the listed energy platform of the Ayala Group, has been injecting additional investments in NAREDCO through subscription of shares.
The company earlier this month poured in additional P312.5 million through subscription of more shares.
It also injected P1.46 billion in December last year, P271.48 million in November, and P1.29 billion in August, all of which were used to fund the development of the solar power project.
In September 2022, ACEN’s board approved the revised funding of the project to include additional investment in phase 1 and the 100-MWdc expansion.
ACEN has about 4,200 MW of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable share of 98 percent, which is among the highest in the region.
The company aims to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 gigawatts of renewables capacity by 2030.