AC Energy gets SEC’s approval to sell P16.48-b worth of shares

posted April 22, 2021 at 08:30 pm
by  Jenniffer B. Austria
The Securities and Exchange Commission said Thursday it approved the P16.48-billion share sale of AC Energy Corp.

AC Energy will offer up to 1.58 billion in primary common shares at P6 to P8.20 apiece. The offering comes with an over-allotment option of up to 100 million common shares.

Documents filed by AC Energy with the SEC showed the company would use the net proceeds from the follow-on offering to fund the development of power projects, inorganic growth opportunities, repayment of loans and reduction of payables and other general corporate requirements.

AC Energy will conduct the public offering from May 3 to 7 and list the shares on the Philippine Stock Exchange on May 14. The power generation firm also raised nearly P5.4 billion through a stock rights offering in January.

AC Energy engaged BPI Capital Corp. as the sole global coordinator, underwriter and joint bookrunner for the offer.

CLSA and UBS will serve as international joint bookrunners and joint bookrunners together BPI Capital.

AC Energy, the energy platform of Ayala Corp., is one of the fastest-growing energy companies with over $1 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region.

It is scaling up its renewable energy platforms and partnerships with a strong pipeline of projects in the region. It targets to reach financial close for various power projects from renewable and other energy sources with an expected target gross capacity of over 2,000 megawatt by 2025.

The company as of end-2020 had total attributable capacity of 990 megawatts in operation and under construction across the region, which includes strategic investments in renewable and conventional power generation projects.

AC Energy had total energy sales of 2,648 gigawatt hours in 2020, up from 1,886 gWh in 2019.

AC Energy’s share price fell 2.71 percent Thursday to close at P7.19.

Topics: Securities and Exchange Commission , SEC , AC Energy Corp.
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