ACEN provides more capital to Paddak Energy
ACEN Corp., the listed energy platform of the Ayala Group, is infusing additional funds reaching P12 million into subsidiary Paddak Energy Corp.
In a disclosure on Thursday, ACEN said it signed a subscription contract with Paddak Energy for its purchase of 1.2 million common shares and 10.8 million preferred shares, priced at P1 apiece.
The shares will be issued out of the authorized capital stock increase of Paddak Energy, which is still subject to the approval of the Securities and Exchange Commission (SEC).
“The subscription will allow ACEN to have full ownership in Paddak, which will provide technical operations and maintenance-related services to ACEN’s Philippine operating companies,” the Ayala unit said.
The group is awaiting SEC’s approval for its request for a corporate name change from Paddak Energy to ACEN Operations Services Inc.
ACEN has been injecting additional capital into its subsidiaries, especially those involved with renewable energy projects.
In July, Santa Cruz Solar Energy Inc., the company’s special vehicle to pump up its renewable energy push, secured P1.92 billion for a solar project in San Marcelino, Zambales.
In the same month, ACEN also provided Belenos Energy Corp. with almost P500 million meant for clean energy projects.
Ambition
Just this month, the group said it was planning to spend P26 billion for a solar farm and energy storage system in Zambales province.
ACEN said the series of funding would be used to further cement its renewable energy portfolio across the Asia-Pacific region and hit its target of growing its capacity to 20,000 megawatts (MW) by 2030. This is an ambition that may require $15 billion more in investments.
So far, ACEN’s capacity is at 5,000 MW of renewables.
By next year, the company is eyeing to achieve 100-percent renewable energy in its power generation portfolio and achieve net zero greenhouse gas emissions by 2050. It also seeks to become the biggest listed renewables platform in Southeast Asia.
