In a disclosure to the Philippine Stock Exchange, AEVI said the shares were sold at P5.10 and P5.20 per share.
Proceeds from the offering will be used to fund greenfield power projects and to bid for the power plants of the state-owned National Power Corp. (Napocor).
The other day, AEVI sold 18 million of its treasury shares at P5.10 for a total of P91.8 million.
AEVI has set aside P1 billion this year for new investments in power generation.
AEVI, through Aboitiz Power Corp., is bidding for the 360-megawatt Magat hydroelectric power plant in Ramon, Isabela and the hydroelectric power complex consisting of the 100-MW Pantabangan hydroelectric power plant and the 12-MW Masiway Hydroelectric Power Plant both located in Pantabangan, Nueva Ecija.
The group is also eyeing to operate a 200-MW coal power plant to supply requirements of the Visayan Electric Co.
The Aboitiz Group, through its wholly owned subsidiary HEDCOR Inc., is the pioneer and industry leader in the development, operation and management of hydropower plants.
HEDCOR Inc. is the largest developer of mini hydropower in the Philippines, operating 19 generating facilities in Benguet and Davao with 113 MW of total installed capacity.
Funding will come from the P2.2-billion loan facility secured from a group of banks led by Bank of the Philippine Islands.
AEVI needs between P5 billion and P6 billion for the construction of three new plants over the next two or three years. The plants located in the Visayas-Mindanao area are estimated to cost between $300 million and $500 million.
Among these new plants include a 200-MW coal-fired plant in Cebu and two hydropower plants in Davao. The two new plants to be set up in Davao will have a combined capacity of 76 MW. Construction of the first plant is expected to be completed by 2008 in anticipation of a power shortage in the Visayas and Mindanao.
For the Cebu coal power plant, AEV has invited Mirant Phils. Corp. and Korean Electric Philippines Co. (KEPCO) to be its partners. The plant is expected to be operational by 2008.