AYALA-LED ACEN Corp. has infused an additional P1.9 billion into its subsidiary operating a 133-megawatt (MW) solar farm in Cagayan to fund its expenses.
In a regulatory filing on Wednesday, ACEN said it had subscribed to 419,690 redeemable preferred shares of Natures Renewable Energy Development Corp. (NAREDCO) at P4,527.16 per share, representing 22% of the company.
NAREDCO is a joint venture between ACEN (60%) and Cleantech Renewable Energy 4 Corp. (40%) engaged in the development and operation of the Cagayan Solar Power Plant, which began commercial operations in October 2024.
“ACEN’s infusion of cash to NAREDCO will enable NAREDCO, its subsidiary, to have funds to service its loans and operating expenses,” ACEN said.
Spanning 115 hectares, the Cagayan solar farm generates an estimated 188 gigawatt-hours of clean electricity annually — enough to energize around 45,000 homes.
“Cagayan North Solar is the first renewable energy project in Cagayan supplying clean power to the Luzon grid. As demand for electricity continues to grow, this project plays a vital role in strengthening the country’s energy supply through reliable and sustainable generation,” ACEN President and Chief Executive Officer Eric T. Francia said.
Last week, ACEN extended P900 million in fresh funds to its subsidiary Giga Ace 6, Inc., which is developing a 553-MW wind farm in Quezon province.
ACEN, the listed energy platform of the Ayala group, holds 7 gigawatts (GW) of attributable renewable energy capacity across operational, under-construction, and committed projects. It operates in the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States.
The company aims to operationalize power projects within and outside the Philippines with a combined capacity of about 1.2 GW by the end of next year.
On Wednesday, shares of ACEN Corp. fell by 1.2% or three centavos to close at P2.47 apiece. — Sheldeen Joy Talavera
