ACEN inks P859-M share subscription in JV

AYALA-LED ACEN Corp. is subscribing to P859.11 million worth of new shares in its joint venture (JV) firm Greencore Power Solutions 3, Inc. to help settle the latter’s project-related obligations.

In a disclosure on Wednesday, ACEN said Greencore 3 signed a subscription agreement with the company to partly settle an earlier loan used to finance the 115.671-megawatt (MW) Arayat-Mexico Photovoltaic Solar Power Plant in Arayat and Mexico, Pampanga.

The subscription covers 2.41 million common A shares at P1 each and 41.97 million redeemable preferred shares A at P20.41 apiece.

ACEN said the transaction forms part of the planned increase in Greencore 3’s authorized capital stock, pending approval by the Securities and Exchange Commission.

The company is subscribing to a portion of the increase consistent with its 45% stake in the joint venture.

The capital infusion supports Greencore 3’s obligations for the P2.75-billion solar project, which began full commercial operations in August 2022 and can supply enough power for about 19,450 homes.

The Pampanga solar plant forms part of ACEN’s 7.1-gigawatt renewable energy portfolio across the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States.

ACEN has allocated over P80 billion in capital expenditure to support its renewable energy pipeline. — Sheldeen Joy Talavera