Philippines’ AC Energy pours USD 274m to back 443 MW renewables build

Philippine company AC Energy Corporation (PSE:ACEN) will subscribe to shares in two subsidiaries to support the construction of a 160-MW wind farm and a 283-MW solar power plant in the Philippines.

The listed energy platform of the Ayala Group announced the subscription agreements, worth about PHP 7 billion (USD 137.1m/EUR 121m) each, in separate stock-exchange notices on Wednesday.

The transactions concern Bayog Wind Power Corp, which is developing the 160-MW Pagudpud wind project in Pagudpud, Ilocos Norte, and Santa Cruz Solar Energy Inc, which is developing the 283-MW solar farm located in San Marcelino, Zambales.

AC Energy, which aims to reach 5,000 MW of renewables capacity by 2025, unveiled the start of construction of the solar farm, said to be the country’s largest, in November.

Santa Cruz Solar Energy is a wholly owned subsidiary of the company.

AC Energy will become 100% owner of the wind project following completion of the previously announced acquisition of the ownership interest of UPC Philippines Wind Investment Co BV and Stella Marie L Sutton in Bayog Wind Power.

(PHP 1 = USD 0.020/EUR 0.017)

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