AC Energy inks subscription deal with unit

BY LENIE LECTURA – MARCH 31, 2022
from Business Mirror

AC Energy Corp. (ACEN) will shell out $140.20 million for the share subscription it inked with its subsidiary, ACEN Renewables International Pte. Ltd.

ACEN said Thursday it had signed a subscription agreement with ACEN International for the subscription of 1,402,029 Class E redeemable preferred shares (RPS) with a par value of $100 per share for a total of $140,202,900.00.

ACEN International is a Singapore private company limited by shares that has interests in various renewable energy and development companies and projects in Indonesia, Vietnam, India, Australia, and other countries. ACEN, through wholly owned subsidiary AC Energy International, Inc., is the controlling shareholder of ACEN International.

The proceeds will be utilized by ACEN International to finance its projects.

The parties must secure regulatory approvals before an additional direct investment in the subsidiary is completed.

Meanwhile, ACEN’s retail electricity arm AC Energy Philippines Inc. successfully enrolled its first batch of customers under the government’s Green Energy Option Program (GEOP).

GEOP is one of the various programs under the Renewable Energy Act of 2008 which aims to promote the development of renewable energy in the country, with the regulatory framework being prioritized by the Department of Energy as a harmonized approach of the public and private sectors in pursuit of the 35 percent by 2030 target.

Targeting customers with an average peak demand of at least 100 kilowatts for the past year, ACEN, as a government-accredited renewable energy supplier, will provide customers with 100 percent renewable energy sourced from its portfolio of operating solar and geothermal plants in the Philippines.

“We are proud to launch this program for our first customers, and also for the country, as it signals our country’s pivot to renewable energy,” said Miguel de Jesus, ACEN Executive Director and Head of Commercial Operations. “Renewables are even more sensible at this time when fossil fuel prices are skyrocketing. And to preserve our planet for the next generation.”