AC Energy Corp. has approved the conversion of its advances to One Subic Power Generation Corp. (OSPGC) amounting to P680 million into equity.
With the conversion, AC Energy will subscribe to 33.49 million common shares in OSPGC.
OSPGC is a wholly owned subsidiary of Bulacan Power Generation Corp., which, in turn, is a wholly owned subsidiary of ACEN.
With the proposed conversion of advances into equity, ACEN retains 100 percent effective ownership interest in OSPGC.
AC Energy has a pipeline of 12 gigawatts (GW) of renewable energy projects in the Asia Pacific as part of efforts to hit its five GW target by 2025. It plans to construct 1,000 MW of RE projects, half of which are in the Philippines and the other half in markets where it is present including Australia, Vietnam, Indonesia, India and Myanmar.
It currently has about 500 MW of renewables in the Philippines and is set to add 1,400 MW with the infusion of the Ayala group’s international power assets in Vietnam, Indonesia, Australia, India and Myanmar.