ACEN Corp reallocates proceeds from share offer

MANILA, Philippines — ACEN Corp. is reallocating the use of net proceeds from the company’s preferred shares issuance in September.

ACEN, in a stock exchange filing, said its board approved the reallocation of the use of proceeds of its Series A and Series B preferred shares offering where the company successfully raised P25 billion.

ACEN said the reallocation consists of several changes, including the decrease of P16.85 million in the transaction expenses to P151.17 million from P168.02 million, as well as the reduction of P372.40 million in the Pangasinan solar project to P1.72 billion from P2.09 billion.

The company is likewise decreasing by P2.46 billion allocation in the Zambales solar projects to P12.75 billion from P15.22 billion.

Meanwhile, ACEN is increasing by P429 million allocation in Cagayan north solar project to P659 million from P230 million.

The company has also included IslaWind power project as a new eligible green project amounting to P2.43 billion.

ACEN said previous allocations to the other projects were retained at their respective original allocation, namely: refinancing of short-term bridge loans for eligible green projects at P4 billion, Palauig 2 solar project at P2.44 billion and Capa wind project at P850 million.

ACEN raised P25 billion from its maiden preferred shares issuance following strong demand from both institutional and retail investors.

The shares were publicly offered from Aug. 11 to Aug. 23, and were listed on the main board of the Philippine Stock Exchange on Sept. 1.

The issuance forms part of the company’s strategy to diversify its sources of funding and gain access to a wider base of investors.

The offer serves as the first tranche under ACEN’s shelf registration of up to 50 million preferred shares.

ACEN, the listed energy platform of the Ayala group, aims to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 GW of renewables capacity by 2030.