ACEN Corp. said Thursday it signed a subscription contract with wholly-owned subsidiary Giga Ace 8 Inc. for the additional subscription in the company amounting to P8.69 billion.
ACEN said in a disclosure to the stock exchange it paid P2.174 billion as initial investment in its subsidiary.
The payment is subject to the necessary regulatory approvals from the Securities and Exchange Commission (SEC) on the increase in authorized capital stock of the special purpose vehicle (SPV).
“The subscription will be used by the SPV as additional funding for the proposed 300.011-megawatt peak /237-MW Palauig Solar 2 project,” the company said.
The company will subscribe to additional shares amounting to 26,093,464 common A shares; 234,889,072 redeemable preferred A shares (RPS A); and 60,897,168 redeemable preferred C shares (RPS C) to be issued out of the increase of the ACS of Giga Ace 8.
ACEN’s second biggest solar farm aims to harness Zambales’ growth potential for clean energy. It is constructed over an aggregate 275-hectare land just half a kilometer away from Palauig Solar 1.
ACEN is the renewable energy arm of the Ayala Group which aims to install a total of 20 gigawatts of RE projects by 2030.
