The board of AC Energy Philippines Inc. approved on Thursday the financing of nearly P11 billion for solar and wind projects in Luzon.
ACEN said in a disclosure to the stock exchange its board approved the financing for a solar plant project in Arayat and Mexico, Pampanga through a secured loan for 100 percent of the total project cost of to P3.33 billion.
The board also approved financing for a wind farm project in Pagudpud, Ilocos Norte for up to 70 percent of the total project cost amounting to P7.48 billion;
It said the board also approved the “conduct of preparatory works for the planned follow-on offering of the company, including engagement of consultants and pre-filings with the relevant government agencies.”
The ACEN board approved the engagement of SyCip Gorres Velayo & Co. to conduct a special audit of the company’s increase in authorized capital stock to comply with the requirements of the Securities and Exchange Commission.
