ACEN Corp., the power arm of Ayala Corp., said Monday it paid an initial P180 million to subscribe to additional shares on subsidiary Belenos Energy Corp.
ACEN said in a disclosure to the Philippine Stock Exchange it signed an agreement with Belenos for the subscription to 392 million redeemable preferred shares with a par value of P1 per share or a total par value of P392 million, to be issued out of the increase in authorized capital stock of Belenos.
The subscription is equivalent to ACEN holding a 29-percent interest in Belenos, a special purpose vehicle for development projects in the country.
“The subscription will allow ACEN to have a significant ownership in Belenos and is meant to implement Belenos’ investment into a potential renewable energy project,” the company said.
ACEN said it continues to expand its renewable energy operations to achieve its 20-gigawatt target by 2030. The company announced 2025 capital expenditures amounting to P70 billion.
