ACEN to offer preferred shares

By Lenie Lectura @llectura

ACEN Corp. said on Wednesday its board approved the issuance of up to P12.5 billion worth of preferred shares, representing the first tranche of its three-year shelf registration of up to 50 million shares.

In a disclosure to the stock exchange, ACEN said the offer is 12.5 million shares at P1,000 apiece, with an oversubscription option of up to 12.5 million preferred shares worth P12.5 billion.

The shares would be offered in up to two series, subject to the requirements for registration under the Securities Regulation Code with the Securities and Exchange Commission and for listing on the Philippine Stock Exchange.

ACEN is the listed energy platform of the Ayala Group. It has 4,000 megawatts of attributable capacity from owned facilities in the Philippines, Vietnam, Indonesia, India and Australia.

The company has about 4,200 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.

The power firm said its ongoing financing initiatives are meant to support its renewable energy (RE) goal.

It announced last week that it teamed up with the Yindjibarndi Aboriginal Corp. to form the Yindjibarndi Energy Corp. (YEC), which will develop RE projects in Western Australia’s Pilbara region.

YEC’s goal is to initially develop 750 MW of combined wind, solar, and battery storage under construction within the next few years. This will entail an initial investment of over AUD 1 billion, ACEN said in a statement.

ACEN’s net income in the first quarter grew to P2 billion, a fivefold increase from last year’s level. Its revenues rose 23 percent year-on-year 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.

FDC Green Energy Corp. (FDCGEC) will develop a 11.5-megawatt (MW) peak solar power project within the Philippine Veterans Investment Development Corp. (PHIVIDEC) Industrial Estate in Misamis Oriental.

FDCGEC, a wholly owned subsidiary of FDC Utilities Inc. (FDCUI), bagged a solar energy operating contract for 25 years from Department of Energy.

“Filinvest will earmark over half a billion pesos for this investment,” said Juan Eugenio Roxas, president and CEO of FDCUI and FDCGEC.

“With this project, PIE-MO [PHIVIDEC Industrial Estate in Misamis Oriental] can attract more locators actively seeking alternative energy sources to reduce greenhouse gas emissions,” he added.

FDCGEC formally registered as a PHIVIDEC locator to kickstart the project’s permitting process.

PHIVIDEC is home to numerous manufacturing and industrial companies that contribute significantly to the country’s economy.

The solar project involves the installation of more than 20,000 monocrystalline solar panels that will produce almost 17,000 megawatt hours of clean energy annually.

With an estimated CO2 savings of more than 11,000 tons annually, the solar project will help reduce the environmental impact of industrial operations while providing a sustainable and cost-effective energy solution.

Apart from environmental benefits, it also enhances the reputation of PHIVIDEC as an eco-responsible industrial hub. As for its neighboring communities, the project will generate more than 200 jobs during construction and maintenance.

This solar power project in Misamis Oriental is the first of the many utility-scale solar projects of Filinvest in the region. In its pipeline are 11 MW Cotabato Solar and 30 MW GenSan Solar.

“Filinvest is ready to take on the challenge of providing more power. Our company is committed to pursuing solar power projects in the region. We’re ready to invest more to take a step towards a greener and more prosperous future for both business and the environment,” added Roxas. Lenie Lectura