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ACEN subscribes to project vehicle’s shares for P211M

AYALA-LED ACEN Corp. has agreed to subscribe to more shares in Natures Renewable Energy Development Corp. or Naredco for P211.49 million, which will fund the development of the latter’s 133-megawatt (MW) solar plant project in Cagayan province.

In a stock exchange disclosure on Thursday, ACEN said its subscription agreement with Naredco was priced at P126.89 million or P2,820.51 per share for 44,990 redeemable preferred shares A, and P84.60 million or P2,585.55 apiece for 32,720 redeemable preferred shares C.

The energy company said the subscription will fund the first-phase development of Naredco’s 133-MW-direct current Naredco is a special-purpose vehicle for the development of the Cagayan North Solar Power Project, which is ACEN’s joint venture project with Cleantech Renewable Energy 4 Corp.

ACEN said the transaction is awaiting the approval of the Securities and Exchange Commission on the increase in Naredco’s authorized capital stock.

Earlier this month, ACEN said it had agreed to subscribe to 255,690 common shares and 2.30-million class A redeemable preferred shares of its subsidiary Pagudpud Wind Power Corp. (PWPC)  for P255.69 million.

The subscription will be used by PWPC to subscribe to shares in Bayog Wind Power Corp. to fund the construction of the 160-MW Pagudpud wind project in Balaoi and Caunayan, Pagudpud, Ilocos Norte.

ACEN has around 4,200 MW of attributable capacity spread across the Philippines, Vietnam, Indonesia, India, and Australia. The energy company is targeting to expand its renewable energy portfolio to 20 gigawatts by 2030.

At the local bourse on Thursday, shares in the company shed nine centavos or 1.46% to end at P6.06 apiece. — Ashley Erika O. Jose

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