ACEN Corp. said it substantially increased its credit facility to YMP Telecom Power Inc. to P466 million from P200 million to fund the latter’s development costs of certain energy efficiency and renewable energy projects.
ACEN said in a disclosure to the stock exchange it agreed to the request of YMP Telecom to amend the terms of the agreement to increase the total facility amount.
YMP Telecom is a subsidiary of Belenos Energy Corp., a wholly-owned subsidiary of ACEN.
Belenos Energy signed a share purchase agreement on Dec. 22, 2023 for the acquisition of YMP Telecom and its affiliate YMP Industrial Power Inc. through the purchase of 100 percent of the outstanding shares held by Yoma Micro Power (S) Pte. Ltd. in each of these companies.
ACEN is acquiring the shares of the said companies for the purpose of building and operating solar-powered solutions for telecommunication towers and commercial and industrial solar power solutions in the Philippines.
ACEN earlier announced its proposed joint venture with the Norwegian Investment Fund and investment into Yoma Micro Power.
Yoma Micro Power installs and maintains solar and solar-hybrid power plants for telecom companies. It has powered more than 600 telecom towers with reliable and cost-effective renewable energy.