ACEN subscribes to shares in wind energy units

ACEN subscribes to shares in wind energy units

AYALA-LED ACEN Corp. announced on Thursday that it had executed subscription agreements with two of its subsidiaries to fund a wind energy project in Pagudpud, Ilocos Norte.

In a disclosure, ACEN said it subscribed to around 7.29 million shares of its wholly-owned subsidiary, Bayog Wind Power Corp. It said the subscription, priced at P100 each share, will be used for the development of the unit’s 160-megawatt (MW) wind project in Pagudpud’s barangays Balaoi and Caunayan.

The renewable energy firm said the agreement for the subscription by ACEN to 3.99 million redeemable preferred D shares, 3.27 million redeemable preferred E shares, and 28,041 redeemable preferred G shares was priced at P100 apiece.

The subscription is for a partial cash payment of P323.97 million, while the balance is to be paid until March 2023.

ACEN noted that full payment of the subscription price is subject to regulatory approval of an increase in the capital stock of Bayog Wind Power.

In a separate disclosure, ACEN said it also signed a subscription agreement with another subsidiary, Pagudpud Wind Power Corp., for the subscription of 171,055 common shares and 1.54 million class A redeemable preferred shares.

The subscription will be used by Pagudpud Wind Power to subscribe to shares in Bayog Wind Power. Part of it will be paid in cash at around P76.06 million, with the balance to be paid until March 2023.

On Thursday, shares in the company closed seven centavos or 0.97% lower to end at P7.11 apiece. — Ashley Erika O. Jose