ACEN speeds up renewables push with P12.9B budget for acquisitions

According to its registration statement filed with the Securities and Exchange Commission covering its planned follow-on offering, ACEN will use P3.012 billion of the proceeds for repayment of loans and reduction of payables.

Around P100 million has also been earmarked for general corporate requirements in the next three years.

ACEN expects to raise as much as P16 billion from the sale of up to 2.43 billion shares at a price ranging from P6 to P8.20 per share. The follow on offer will start from April 28 to May 4.

The company plans to use part of the proceeds for its investment in GigaAce8, Inc. which is developing a 75 MW solar plant with expansion potential of up to 130 MW.

The Palaguig solar plant is seen to be completed by the fourth quarter of next year.

ACEN will also use part of the proceeds for the 200 MW solar plant of Santa Cruz Energy Inc. in San Marcelino, Zambales.

The project is targeted for completion by the fourth quarter next year.

In support of its goal of reaching 5,000 MW net attributable renewables capacity by 2025, the ACEN board approved a P5 billion budget for land acquisitions.