Ayala-led ACEN Corp. announced on Wednesday that it had agreed to subscribe to shares of Bayog Wind Power Corp. to fund the construction of its unit’s wind project in Ilocos Norte.
Under the subscription agreement, ACEN initially paid P182.72 million for an 8.06% stake or 6.77 million shares in Bayog Wind Power, the listed energy company said in a stock exchange disclosure.
Bayog Wind Power is currently developing the 160-megawatt Pagudpud wind project in barangays Balaoi and Caunayan in Ilocos Norte province’s Pagudpud town.
ACEN said the agreement for its subscription to redeemable preferred D shares, redeemable preferred E shares, and redeemable preferred G shares was priced at P100 per share.
It said the move would bring additional investment in its subsidiary, Bayog Wind Power.
ACEN, the energy company of the Ayala group, is targeting to transition its company’s power generation portfolio to fully renewable energy by 2025.
The company is targeting to reach 20 gigawatts of renewable capacity by 2030. To date, it has 4,000 megawatts of attributable capacity spread across the Philippines, Vietnam, Indonesia, India, and Australia.
At the local bourse on Wednesday, shares in the company gained nine centavos or 1.46% to end at P6.24 apiece. — Ashley Erika O. Jose