MANILA, Philippines — ACEN Corp. is infusing a total of P12.87 billion in its various subsidiaries to support the development of their respective renewable energy projects.
The biggest amount of P7.96 billion is being injected to wholly owned subsidiary Giga Ace 6 Inc. through the subscription of common A and redeemable preferred A shares to be issued out of the increase of the latter’s authorized capital stock.
ACEN said the subscription price would be used for the proposed development of a 335-megawatt (MW) onshore wind power project in the provinces of Laguna and Quezon.
Giga Ace 6 is a special purpose vehicle for the proposed onshore wind power project.
Another wholly owned subsidiary, Giga Ace 8 Inc., will receive P2.4 billion through the additional subscription of shares by ACEN.
The amount will be used to fund Giga Ace 8’s proposed 300.011-MW peak Palauig solar 2 project.
Subsidiary Santa Cruz Solar Energy Inc., for its part, will get P1.31 billion, also from ACEN’s additional subscription of shares.
Santa Cruz Solar Energy, which is developing the San Marcelino solar energy power plant project, will use the amount to fund continuing works for the construction of the first and second phase of the project located in San Marcelino, Zambales.
Further, additional investments of P708 million will go to Sinocalan Solar Power Corp., P250 million to SolarAce2 Energy Corp. and P240 million to Gigasol1 Inc.
These will also be made through the subscription by ACEN to shares of the three wholly owned subsidiaries to be issued out of the increase of their respective authorized capital stock.
Sinocalan Solar Power is a special purpose vehicle for the development and operation of the proposed 60-MWp solar power plant in San Manuel, Pangasinan, while SolarAce2 Energy and Gigasol1 are special purpose vehicles for the development of renewable energy projects in the Philippines.
ACEN currently has about 4,500 MW of attributable capacity.
The company, the energy platform of the Ayala Group, aims to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 gigawatts of renewables capacity by 2030.
It has also committed to achieving net zero by 2050 and 100 percent renewable generation by 2025.