1 month ago
14
Brix Lelis - The Philippine Star
February 5, 2025 | 12:00am
In a regulatory filing yesterday, ACEN said it signed a contract with Belenos for the subscription to 392 million redeemable preferred shares of the subsidiary at a par value of P1 apiece.
STAR / File
MANILA, Philippines — Ayala-led ACEN Corp. is further strengthening its financial support for subsidiary Belenos Energy Corp. with an additional investment of P392 million.
In a regulatory filing yesterday, ACEN said it signed a contract with Belenos for the subscription to 392 million redeemable preferred shares of the subsidiary at a par value of P1 apiece.
The shares, which represent 29 percent of the total outstanding shares of Belenos, will be issued out of the increase in its authorized capital stock, subject to regulatory approvals.
The listed energy platform of the Ayala Group said the transaction is expected to help Belenos invest in a “potential renewable energy project.”
Belenos is a special-purpose vehicle for the group’s development projects in the Philippines.
The latest deal followed ACEN’s subscription to P50 million worth of redeemable preferred shares of Belenos last October.
Prior to that, the company also disclosed plans to infuse an aggregate P548.75 million in fresh funds to the subsidiary.
With these transactions, ACEN has infused more than P990 million to Belenos since July 2024, underscoring its commitment to investing in clean energy projects.
The energy firm has set aside about P70 billion in capital expenditure this year to fuel its growth and further beef up its renewable energy portfolio.
To date, ACEN boasts a global generation portfolio of 6.8 gigawatts, consisting of fully operational assets, projects under construction and committed projects.
