Ayala subsidiary inks deals for solar energy projects

ACEN Corp., the renewable energy (RE) arm of Ayala Corp., announced on Monday that it signed solar power deals worth almost P4.5 billion.

In a regulatory filing, ACEN said it signed a subscription agreement with wholly-owned subsidiary Giga Ace 8 Inc. for the subscription by ACEN of 12,296,920 Common A Shares; 110,694,854 redeemable Preferred A Shares (RPS A); and 28,698,665 redeemable Preferred C Shares.

the total price consideration for this transaction is P4.1 billion.

“the subscription will be used by Giga Ace 8 to fund the proposed 300.011MWP/237MW AC Palauig Solar 2 Project — including transmission for 1200 Mwac,” the disclosure read.

Giga Ace 8 is a subsidiary of ACEN.

In a separate disclosure, ACEN said it has acquired 60.44 percent of Sinocalan Solar Power Corp. (SPPC) for P362.2 million. ACEN said it has executed the deed of absolute sale of shares with Sungrow Power renewables Corp. (SPRC) for the acquisition of its 4,400 Class A common shares in SSPC.

Another deed of absolute sale of shares was executed with Havilah AAA Holdings Corp. for the acquisition of its 600 Class B common shares in SSPC.

ACEN has also signed a deed of assignment of subscription rights with Havilah for the acquisition of subscription rights to 6,000 Classs B common shares, and a subscription agreement with SSPC for another 600,000 RPS B.

the subscription to 600,000 RPS B is subject to the necessary regulatory approvals from the Securities and exchange Commission (SEC) for the increase in the authorized capital stock of SSPC.

“the acquisition will allow ACEN to have a significant ownership in SSPC and is meant to implement the development of the 60 MWP solar power plant in San Manuel, Pangasinan,” the disclosure read.

Aside from this, ACEN said that in accordance to its share purchase agreement dated November 29, it will purchase subscription rights to 400,000 RPS A shares out of the increase in the authorized capital stock of SSPC upon the completion of certain conditions precedent.

“Upon the acquisition of the 400,000 RPS A shares, the Company will have 100 percent ownership of SSPC,” the disclosure read.

ACEN is the listed energy platform of the Ayala Group. It has about 4,000 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia, with a renewable share of 87 percent, which is among the highest in the region.

the company’s aspiration is to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20,000MW in renewables capacity by 2030.