ACEN takes full control of RWEI

By Lenie Lectura – August 2, 2024
from Business Mirror

ACEN Corp. has taken full control of Real Wind Energy Inc. (RWEI) after it acquired the remaining shares held by Maraj Energy and Development Corp. (Maraj) in RWEI.

RWEI is a special-purpose vehicle for the development of and operation of the 500 megawatts (MW) of wind energy projects in Real, Quezon. Its wind power project is strategically located close to another ACEN wind project spanning Laguna and Quezon.

ACEN said this new acquisition presents opportunities for synergies through the joint use of logistical routes, transmission lines, and substation infrastructure.

The transaction will potentially add 500MW of renewable energy to ACEN’s power generation portfolio, the power arm of conglomerate Ayala Corp. said in a disclosure on Thursday.

ACEN earlier acquired 4,000 common shares in RWEI held by Modern Energy Management Pte. Ltd. (MEM). The shares are equivalent to a 40-percent interest in RWEI.

This was followed by another acquisition last July 31 of the remaining 6,000 common shares, or 60 percent, in RWEI held by Maraj.

ACEN executed separate share purchase agreements and deeds of absolute sale with MEM and Maraj on March 22, 2024 and July 31, 2024, respectively.

Also, ACEN executed a facility agreement with RWEI for a P70-million loan facility to fund the general corporate requirements of the latter’s power project in Quezon Province.

Separately, ACEN disclosed on Thursday that it signed a subscription contract with its wholly-owned subsidiary Gigasol1 Inc. for its subscription to 2,137,834 redeemable preferred shares B (RPS B) at a par value of P100 per RPS B of  Gigasol1 at an issue price of P1,000 per RPS B or a total subscription price of P2,137,834,000.

The amount will be utilized by Gigasol1 for its development activities relating to renewable energy projects in the Philippines.

The deal is subject to the approval of the Securities and Exchange Commission.