ACEN files shelf registration for preferred share offering

ACEN Corp. has filed an application with the Securities and Exchange Commission for the shelf registration of up to 50 million shares that would be offered in several tranches.

The filing was done last May 23, ACEN said in a disclosure to the stock exchange on Wednesday.

“The company filed a registration statement with the Securities and Exchange Commission in respect of the company’s shelf registration of up to 50 million preferred shares with a par value of P1 per preferred share to be offered in one or more tranches which may be comprised of one or more series per tranche, at the discretion of the company, under the securities program,” ACEN said.

ACEN proposed the public offer and sale of up to 25 million of such preferred shares, 12.5 million of which will be priced at P1 per share, with an oversubscription option of up to 12.5 million shares.

ACEN has about 4,200 megawatts (MW) of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia, and India. Its goal is to be the largest listed renewables platform in Southeast Asia, with 20 gigawatts (GW) of renewables capacity by 2030.

Its net income in the first quarter grew to P2 billion, a fivefold increase from the same period last year. Its revenues rose 23 percent to P9.1 billion on higher generation due to better wind resources, as well as the start of commissioning of new power plants in the Philippines and in Australia.

The subsidiary of Ayala Corp. said in April that it will ramp up the development of power projects to 2 gigawatts (GW), or 2,000 megawatts (MW), per year to hit its 20GW target capacity by 2030.

ACEN currently has about 4,000 MW, or 4 GW, of attributable renewables capacity in operation and under construction across the Philippines and the region.

ACEN President Eric Francia said the company has been averaging about 1GW of capacity per year across its portfolio in terms of additional projects. It earlier aspired to have 5GW of renewable energy (RE) capacity by 2025.

For this year, ACEN has over 2,400MW of projects under construction and will probably spend as much as P70 billion to expand its RE portfolio.