The energy platform of the Ayala conglomerate, ACEN is coughing out an additional P900 million capital to fund the development of its 160-megawatt (MW) Pagudpud wind power project in Ilocos Norte.
In a regulatory filing, ACEN said it was subscribing to a total of 8.999 million shares in wholly-owned subsidiaries Bayog Wind Power Corp. (BWPC) and Pagudpud Wind Power Corp. (PWPC) at P100 per share.
ACEN said the subscription to 7.29 million redeemable preferred shares of BWPC would support continuing works for the construction of the Pagudpud wind project.
The subscription to 1.71 million common and redeemable preferred shares of PWPC, on the other hand, will be used to subscribe to shares in BWPC.
PWPC, directly and indirectly, wholly owns BWPC.
The transactions are subject to the necessary regulatory approvals from the Securities and Exchange Commission on the increase in authorized capital stock of both BWPC and PWPC.