ACEN Corp., the renewable energy (RE) arm of Ayala Corp., announced on Monday that it signed solar power deals worth almost P4.5 billion.
In a regulatory filing, ACEN said it signed a subscription agreement with wholly-owned subsidiary Giga Ace 8 Inc. for the subscription by ACEN of 12,296,920 Common A Shares; 110,694,854 Redeemable Preferred A Shares (RPS A); and 28,698,665 Redeemable Preferred C Shares.
The total price consideration for this transaction is P4.1 billion.
“The subscription will be used by Giga Ace 8 to fund the proposed 300.011MWp/237MW AC Palauig Solar 2 Project — including Transmission for 1200 MWac,” the disclosure read.
Giga Ace 8 is a subsidiary of ACEN.
In a separate disclosure, ACEN said it has acquired 60.44 percent of Sinocalan Solar Power Corp. (SPPC) for P362.2 million. ACEN said it has executed the deed of absolute sale of…