ACEN Corp., the renewable energy arm of Ayala Corp., said Wednesday it subscribed to additional shares of Greencore Power Solutions 3 Inc, the developer of the 115.671-megawatt (MW) Arayat-Mexico Solar Power Plant Project in Pampanga, totaling P859 million to pay off the developer’s outstanding loans.
The subscription proceeds will be used by Greencore 3 to partially settle its loan obligations to ACEN, which were extended to finance the development and construction of the photovoltaic solar power plant located in Arayat and Mexico, Pampanga.
ACEN said in a disclosure to the Philippine Stock Exchange (PSE) it executed a subscription agreement with Greencore 3 for an additional 2,413,862 common A shares with a par value of P1 apiece for a total of P2.413 million, and an additional 41,974,772 RPS A shares with a par value of P20.41 per share for P856.705 million.
The company said it is subscribing to a portion of the planned increase in the authorized capital stock of Greencore 3. The completion of ACEN’s subscription will take effect upon approval by the Securities and Exchange Commission (SEC) of Greencore’s increase in authorized capital stock.
The Arayat-Mexico solar project is ACEN’s first partnership with Citicore Solar Energy Corp and has an estimated cost of P2.75 billion. Completed less than a year after its groundbreaking, Arayat-Mexico Solar began full operations in August 2022 and has powered 19,450 homes
