ACEN invests P467.75M in subsidiary

ACEN Corp., the listed energy platform of the Ayala Group, is investing P467.75 million in subsidiary Belenos Energy Corp., which will pursue a renewable energy project. Under the deal signed with Belenos, Acen will secure 467.75 million redeemable preferred shares, at P1 apiece.

The shares will be issued out of the authorized capital stock increase of Belenos, which is still subject to the approval of the Securities and Exchange Commission (SEC).

Once the move secures the SEC’s go signal, ACEN said the investment would help finance a potential renewable energy project. This would also increase ACEN’s ownership in Belenos.

Belenos serves as ACEN’s special purpose vehicle for projects catering to the local market.

Last year, ACEN said Belenos bought YMP Telecom Power Inc. and its affiliate YMP Industrial Power Inc, a Southeast Asian group focused on offering renewable energy to players in the telecommunications sector.

The Ayala-backed firm said the acquisition would allow ACEN, through Belenos, to strengthen its renewables by building and operating solar-powered solutions for telco companies.

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Just last week, ACEN announced that it received fresh funds worth $150 million from international banks. Since 2023, ACEN has been receiving robust support for its aggressive expansion in renewable energy both here and abroad.

ACEN said the new capital will be used to further cement its renewable energy portfolio across the Asia-Pacific and hit its target of growing its capacity to 20 gigawatts (GW) by 2030.

So far, ACEN’s capacity is at 5 GW of renewables.