ACEN Corp., the listed energy platform of the Ayala Group, has acquired the majority shares of five special purpose vehicles (SPVs) to fund their respective solar projects in the Laguna Lake area.
This strategic move enables ACEN to secure the necessary bid amounts for utilizing renewable energy areas in Laguna Lake, which were auctioned by the Laguna Lake Development Authority in 2022.
In a disclosure to the stock exchange, ACEN said the subscription price would be used by the SPV for development activities relating to renewable energy projects in the Philippines.
“The subscription price will be used by the SPV for development activities relating to renewable energy projects in the Philippines,” ACEN said.
ACEN subscribed to 12 million common shares and 403 million redeemable preferred shares for AC Laguna Solar for P415 million.
It also subscribed to 1.2 million common shares and 210.6 million RPS of SolarAce4 for P211.8 billion.
At the same time, ACEN subscribed to 12 million common shares and 360 million RPS of AC Subic Solar Inc. for P372 million.
ACEN also subscribed to 136 million RPS of Ingrid2 Power for P136 million.
It likewise subscribed to to 1.2 million common shares and 326. 4 million RPS of GigaWind1 for P327.6 million.