ACEN Corp. on Wednesday said it has subscribed to additional preferred shares of subsidiary Natures Renewable Dev’t Corp. (NAREDCO) valued at P1.9 billion.
ACEN disclosed to the Philippine Stock Exchange that it subscribed to 419,690 redeemable preferred shares C of NAREDCO at a subscription price of P4,527.16per share, equivalent to 22 percent of the total outstanding shares of the company subject to the transaction.
“ACEN’s infusion of cash to NAREDCO will enable NAREDCO, its subsidiary, to have funds to service its loans and operating expenses,” it said.
NAREDCO is a joint venture between ACEN (60 percent) and Cleantech Renewable Energy 4 Corp. (40 percent) engaged in the development and operation of the 133.464-megawatt-peak Cagayan Solar Power Plant, which commenced commercial operations in October 2024.
ACEN said the amount of consideration was determined based on mutual agreement of the parties.
ACEN has been increasing its stake in NAREDCO in the past years as the company aims to reach 20,000 MW of capacity.
ACEN, the renewable energy arm of the Ayala group, currently has about 7,000 MW of attributable renewable energy capacity spanning projects in operation, under construction and with signed agreements
In 2023, ACEN subscribed to 44,990 redeemable preferred shares A with a par value of P2,820.51 per share, or an aggregate par value of P126.89 million, and 32,720 redeemable preferred shares C with a par value of P2,585.55 per share, or an aggregate par value ofP 84.599 million, in NAREDCO.
The transaction is equivalent to ACEN owning an additional 5.09 percent stake in NAREDCO following the subscription of a total of 77,710 redeemable preferred shares.
ACEN subscribed to 275,000 RPS A (with a par value of P2,820.51) and 200,000 RPS C (with a par value of P2,585.55 ) shares of NAREDCO for P1.29 billion in August 2022.
In November 2022, ACEN subscribed to 57,750 RPS A (with a par value of P2,820.51) and 42,000 RPS C (with a par value of P2,585.55 ) shares of NAREDCO for P271.477 million.
ACEN also subscribed to 309,700 RPS A shares (with a par value of P2,820.51) and 225,240 RPS C shares (with a par value of P2,585.55 ) shares of NAREDCO for P1.455 billion in December 2022.
