Ayala-led ACEN Corp. is injecting an additional P1.9 billion in fresh funds into its subsidiary operating a large-scale solar farm in Cagayan.
In a stock exchange filing yesterday, the company announced its subscription to 419,690 redeemable preferred shares of Natures Renewable Development Corp. (Naredco) for P4,527.16 apiece.
Naredco, a joint venture between ACEN and Cleantech Renewable Energy 4 Corp., owns the 133.46-megawatt-peak (MWp) Cagayan Solar Power Plant, which started commercial operations in October 2024.
ACEN said the capital infusion would provide Naredco with funds to ‘service its loans and operating expenses.’
‘The consideration for the subscription is a straight cash payment to be made upon signing of the relevant agreements,’ it said.
In a 60:40 split, ACEN and Cleantech established Naredco in 2022 to develop, own and operate a solar facility and transmission line project in the municipality of Lal-lo in Cagayan.
As previously disclosed, the solar farm was expected to generate 188 gigawatt-hours of clean power annually, enough to power 75,000 households and displace over 112,000 metric tons of carbon emissions.
The project was likewise envisioned to reinforce the Luzon grid’s power supply amid growing demand.
At present, ACEN has a solar portfolio of at least 1,400 MW in the Philippines, spanning operational and under-construction projects.
As part of its net zero commitment, the company aims to achieve 100 percent renewable energy generation this year.
Earlier this year, the Zobel family’s listed energy platform fully divested its remaining diesel assets in Bulacan, La Union and Zambales.