ACEN infuses additional capital into renewable energy unit

MANILA, Philippines — Ayala-led ACEN Corp. is infusing an additional capital of P467.75 million into subsidiary Belenos Energy Corp. to bankroll the latter’s investment into a potential green energy project.

In a regulatory filing, the Ayala Group’s listed energy platform said it signed a subscription agreement involving 467.75 million redeemable preferred shares of Belenos with a par value of P1 per share.

The shares, representing 69.58 percent of the total outstanding shares of the subsidiary, will be issued out of the increase in Belenos’ authorized capital stock, subject to regulatory approvals.

Belenos is a special-purpose vehicle for the ACEN Group’s development projects in the country.

“The acquisition will allow ACEN to have significant ownership in Belenos and is meant to implement Belenos’ investment into a potential renewable energy (RE) project,” it said.

ACEN in December disclosed plans to subscribe to P22.33 million worth of common shares of Belenos as well as P200.93 million worth of redeemable preferred shares of the subsidiary.

Earlier this month, the company, through ACEN Renewables International Pte. Ltd., secured a five-year syndicated green term loan and revolving credit facility of $150 million from foreign lenders led by Taiwan’s CTBC Bank Group.

The latest credit facility is expected to boost ACEN’s RE portfolio in the Asia Pacific region.

Currently, the listed firm has around 4.8 gigawatts (GW) of attributable RE capacity in operation and under construction, on top of the recently signed agreements and competitive tenders worth over one GW.

Moving ahead, ACEN plans to raise about $15 billion in new capital as part of efforts to quadruple its attributable RE capacity to 20 GW over the next six years.