ACEN subscribes to P5-B shares in Santa Cruz Solar unit

AYALA-LED ACEN Corp. announced on Thursday that it had executed a subscription agreement with its wholly-owned subsidiary Santa Cruz Solar Energy Inc. (SCSEI) to fund the construction of the latter’s solar project in Zambales.

In a stock exchange disclosure, ACEN said it subscribed to 50 million common A shares and 449.98 million redeemable preferred A shares for a subscription price of P5 billion.

The renewable energy company of the Ayala group said the subscription will fund the ongoing construction of phases one and two of the San Marcelino solar power plant project in Zambales.

ACEN said the shares are priced at P10 each. The renewable energy company noted that an initial payment of P2 billion was already made.

The company is targeting to reach 20 gigawatts of renewable capacity by 2030. To date, it has 4,000 megawatts of attributable capacity spread across the Philippines, Vietnam, Indonesia, India, and Australia.

At the local bourse on Thursday, shares in the company declined by five centavos or 0.78% to end at P6.37 per share. — Ashley Erika O. Jose