ACEN Corp. said Thursday it subscribed to additional shares in Paddak Energy Corp. for P12 million equivalent to 75 percent of the total outstanding shares of the company.
ACEN disclosed that it signed a subscription contract with Paddak for the subscription by the company to 1.2 million common shares at par value of P1 per common share and 10,800,000 preferred shares at par value of P1 per preferred share, to be issued out of the unissued portion of the authorized capital stock of Paddak.
“The subscription will allow ACEN to have full ownership in Paddak, which will provide technical operations and maintenance related services to ACEN’s Philippine operating companies,” ACEN said.
Paddak will use the investment to finance its operations.
Paddak is ACEN’s designated company that will provide technical operations and maintenance related services to ACEN’s Philippine operating companies.
ACEN’s renewable energy plants in the Philippines generated 1,370 gigawatthours from January to September 2024 – a 78 percent increase over the first nine months of 2023. 56 percent of generation was from plants operationalized this year, such as SanMar Solar in Zambales, Pagudpud Wind and Capa Wind in Ilocos Norte, Cagayan North Solar in Cagayan, and Arayat-Mexico Solar phase 2 in Pampanga.
