ACEN Corp. completes buy of Paddak Energy

By Lorenz S. Marasigan – November 29, 2024
from Business Mirror

ACEN Corp., the energy unit of the Ayala Group, on Thursday announced the full acquisition of Paddak Energy Corp.

In a disclosure to the stock exchange, ACEN said it subscribed to an additional 1.2 million common shares and 10.8 million preferred shares in Paddak, both at a par value of P1.00 per share.

The total subscription, amounting to P12 million, grants ACEN full ownership of Paddak, which has been designated to provide “technical operations and maintenance-related services” to ACEN’s Philippine operating companies.

ACEN continues to expand its footprint across the Philippines, Australia, Vietnam, India, Indonesia, Lao PDR, and the United States.

The company is on track to deliver 1.6 gigawatts (GW) of new renewable energy (RE) projects this year, nearly doubling its annual output. This addition will bring ACEN’s total portfolio to 4.7 GW, of which 1.9 GW are in the Philippines.

With projects coming online, ACEN’s total RE portfolio is projected to approach 6 GW by the end of 2024.

The company remains focused on scaling up its operations to support its goal of achieving 20 GW of renewable capacity by 2030 while providing clean, reliable, and affordable energy across the region.

For the first nine months of 2024, the company reported a 24-percent year-on-year increase in net income, reaching P8.14 billion.