ACEN Corp., the power generation arm of the Ayala Group, said it is subscribing to more shares in subsidiary Belenos Energy Corp. for P467.75 million.
ACEN said in a disclosure to the stock exchange Friday it signed a subscription agreement with Belenos for 467.75 million redeemable preferred shares (RPS) representing 69.58 percent of the total outstanding shares of the company with a par value of P1 apiece.
ACEN said the subscription would be issued out of the increase in authorized capital stock of Belenos, a special purpose vehicle for development projects in the Philippines.
“The acquisition will allow ACEN to have a significant ownership in Belenos and is meant to implement Belenos’ investment into a potential renewable energy project,” it said.
The transaction is subject to the regulatory approval by the Securities and Exchange Commission (SEC) on the increase in authorized capital stock of Belenos.
ACEN said in May it substantially increased its credit facility to Belenos subsidiary YMP Telecom Power Inc. to P466 million from P200 million to fund the latter’s development costs of certain energy efficiency and renewable energy projects.
ACEN is the listed energy platform of the Ayala Group with a fast-growing presence in the Philippines, Australia, Vietnam, India, Indonesia, Lao PDR and the United States.
It has about 4.8 gigawatts of attributable renewables capacity in operation and under construction and signed agreements and won competitive tenders worth over 1 GW.
ACEN aims to provide clean, reliable and affordable energy in the Asia Pacific and grow its renewables capacity to 20 GW by 2030.
