ACEN hikes stake in developer of Cagayan solar project

By Alena Mae S. Flores – May 25, 2023, 6:50 pm
from manilastandard.net

ACEN Corp. said Thursday it subscribed to additional shares in Natures Renewable Energy Development Corp., the developer of the 200-megawatt Lal-lo Solar Power Project in Lal-lo, Cagayan for P211.493 million.

The latest transaction brought ACEN’s total RPS A subscription to NARDECO at 687,440 shares ant RPS C subscription at 499,960 shares, equivalent to P3.23 billion.

ACEN said in a disclosure to the stock exchange it signed a subscription agreement with NAREDCO for the subscription by the company to 44,990 redeemable preferred shares A with a par value of P2,820.51 or an aggregate par value of P126.89 million and 32,720 redeemable preferred shares C  with a par value of P2,585.55 or an aggregate par value of P84.599 million in NAREDCO.

The transaction is equivalent to ACEN owning an additional 5.09-percent stake in NARDECO following the subscription of 77,710 redeemable preferred shares.

“The subscription price will be used by NAREDCO to fund the development of the 133-MW Cagayan North Solar Power Plant Project [Phase 1] in Lal-lo, Cagayan,” ACEN said.

NAREDCO is a special-purpose vehicle for the development of the Cagayan North Solar Power Project, ACEN’s joint venture project with Cleantech Renewable Energy 4 Corp.

The ACEN board approved the company’s joint venture with CleanTech on Oct. 18, 2021.