AC Energy to invest in 2 RE companies

BY LORENZ S. MARASIGAN – DECEMBER 29, 2021
from Business Mirror

AC Energy Corp. is investing roughly P14 billion in two renewable energy companies to beef up its portfolio and hit its target capacity of 5,000 megawatts (MW) by 2025 or earlier.

In two separate disclosures to the stock exchange, the Ayala Corp. subsidiary said it is investing P7 billion in Bayog Wind Power Corp. (BWPC) and another P7 billion in Santa Cruz Solar Energy Inc. (SCSEI).

AC Energy’s investment in BWPC involves the subscription by Acen to 70,000 redeemable preferred shares, which corresponds to 99.96 percent of the total outstanding shares of the wind power company.

“The subscription will be used by BWPC to fund continuing works for the construction of the 160MW Pagudpud Wind Project in Barangays Balaoi and Caunayan, Pagudpud, Ilocos Norte,” the disclosure read.

Meanwhile, AC Energy’s investment in SCSEI involves the company’s subscription to almost 700,000 redeemable preferred shares in SCSEI, representing 99.99 percent of the total outstanding shares of the solar power company.

“The subscription will be used by SCSEI to fund the construction of the 283 MW San Marcelino Solar Power project,” the disclosure read.

AC Energy is the listed energy platform of the Ayala Group. It has about 2,900 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia.

The company’s renewable share of capacity is at around 80 percent. Its goal is to reach 5,000 MW of renewables capacity by 2025.