ACEN Corp., the listed energy platform of the Ayala Group, has five wind farms in the Philippines in operation and under construction, four of which are in Ilocos Norte, including the country’s largest wind project, the 160 MW Pagudpud Wind. With over 400 MW of total gross wind capacity, ACEN has the largest wind portfolio in the country. INQUIRER FILES

ACEN Corp., the listed energy platform of the Ayala Group, is infusing additional funds, reaching P12 million, into subsidiary Paddak Energy Corp.

In a disclosure on Thursday, ACEN said it signed a subscription contract with Paddak Energy for the purchase of 1.2 million common shares and 10.8 million preferred shares, priced at P1 apiece.

Article continues after this advertisement

The shares will be issued out of the authorized capital stock increase of Paddak Energy, which is still subject to the approval of the Securities and Exchange Commission (SEC).

FEATURED STORIES BUSINESS Toyota to churn out 20,000 Tamaraw units BUSINESS BIZ BUZZ: Power couple’s Polo Club bid foiled BUSINESS DA reimposes ban on poultry from California

“The subscription will allow ACEN to have full ownership in Paddak, which will provide technical operations and maintenance-related services to ACEN’s Philippine operating companies,” the Ayala unit said.

The group is awaiting the SEC’s approval for its request for a corporate name change from Paddak Energy to ACEN Operations Services Inc.

Article continues after this advertisement

ACEN has been injecting additional capital into its subsidiaries, especially those involved with renewable energy projects.

Article continues after this advertisement

READ: New projects beefed up ACEN’s Jan-Sept 2024 profit

Article continues after this advertisement

In July, Santa Cruz Solar Energy Inc., the company’s special vehicle to pump up its renewable energy push, secured P1.92 billion for a solar project in San Marcelino, Zambales.

In the same month, ACEN also provided Belenos Energy Corp. with almost P500 million meant for clean energy projects.

Article continues after this advertisement ACEN’s goal

Just this month, the group said it was planning to spend P26 billion for a solar farm and energy storage system in Zambales province.

READ: ACEN earmarks $18M for Bangladesh project

ACEN said the series of funding would be used to further cement its renewable energy portfolio across the Asia-Pacific region and hit its target of growing its capacity to 20,000 megawatts (MW) by 2030. This is an ambition that may require $15 billion more in investments.

So far, the company’s capacity is at 5,000 MW of renewables.

Your subscription could not be saved. Please try again. Your subscription has been successful.

Subscribe to our daily newsletter

SIGN ME UP

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

By 2025phgaming, the company is eyeing to achieve 100 percent renewable energy in its power generation portfolio and achieve net zero greenhouse gas emissions by 2050. It also seeks to become the biggest listed renewables platform in Southeast Asia. INQ

READ NEXT DA reimposes ban on poultry from California PCCI backs government probe into cement ‘dumping’ EDITORS' PICK Manileños push for Isko return, highlighting city’s CMCI honors Starbucks coffee and a glimpse of a North Korean mountain village Artist Maria Angelica Tan explores what it means to be a Chinese Filipina in an ever-growing world Marcos says he ordered impeachment moves vs VP Sara Duterte stopped DA reimposes ban on poultry from California PhilHealth to cover basic oral healthcare services MOST READ Comelec junks plea of 18 nuisance bets, one of them to seek SC's help South Korea scrambles jets as Chinese, Russian warplanes approach BIZ BUZZ: Power couple’s Polo Club bid foiled Taguba says he never changed tune on Paolo Duterte Follow @FMangosingINQ on Twitter --> View comments

• more
• phgaming
• Capital
• ACEN
• provides