Ayala energy firm inks new subscription deal with its subsidiary

Ayala-owned AC Energy Philippines (ACEN) has executed a new subscription agreement with subsidiary Ingrid Power Holdings, Inc. for the parent firm to purchase specified number of shares; then the proceeds of that transaction will bankroll the first phase of the latter’s 300-megawatt Pililla dieselfired power project in Rizal province.

In a disclosure to the Philippine Stock Exchange (PSE), it was stated that ACEN will subscribe to 50,000 Class A common shares; and 5,651,000 Class A redeemable preferred shares of Ingrid Power.

The new subscription agreement that was sealed came with a deed of assignment – and that effectively superseded the subscription deal that the parties had cemented December last year.

“The subscription will be used to fund initial works for the construction of the Ingrid plant,” the Ayala firm has emphasized.

The power facility will have two phases – and it will be constructed at 150MW capacity each. The construction of the first phase was in the first quarter of this year.

Ingrid Power is among the subsidiaries that AC Energy had acquired in a property share swap last year – and this is currently undergoing array of regulatory approvals.

The other properties that had been covered by the share swap had been project corporate vehicles AC Energy Development, Inc., Monte Solar Energy, Inc., South Luzon Thermal Energy Corporation, Philippine Wind Holdings Inc., ACTA Power Corporation, Moorland Philippines Holdings, Inc., Manapla Sun Power Development Corporation, Viage Corporation and NorthWind Power Development Corporation.