ACEN buys Sungrow shares to build 60-MW solar plant

BY LENIE LECTURA – JANUARY 11, 2023
from Business Mirror

ACEN Corp. has acquired shares from Sungrow Power Renewables Corp. (SPRC) worth P114 million that will result in owning a company that is developing a 60-megawatt (MW) solar power plant in Pangasinan.

ACEN disclosed last Tuesday that a deed of assignment was signed with SPRC for the acquisition of the latter’s subscription rights to 400,000 redeemable preferred shares “A” to be issued out of the increase in authorized capital stock of SPPC.

The shares are worth P285 apiece for a total of P114 million. ACEN will immediately pay 70 percent of the amount and the balance will be released to SPRC subject to submission of remaining conditions on or before June 30, 2023.

“The acquisition will allow ACEN to have full ownership in SPPC and is meant to implement the development of the solar power plant in San Miguel, Pangasinan,” the power arm of conglomerate Ayala Corp. said.

The issuance of the shares is subject to regulatory approvals from the Securities and Exchange Commission (SEC) on the increase in authorized capital stock of SPPC.

SPRC is a leader in the research and development of solar inverters and a broad product portfolio offering PV inverter solutions, energy storage systems and floating PV plant solutions.

ACEN is the listed energy platform of the Ayala Group. It has about 4,000 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia, with a renewable share of 87%, which is among the highest in the region.

ACEN’s aspiration is to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20,000MW in renewables capacity by 2030. It is also committed to 100 percent renewables generation by 2025.