ACEN gets strong investor support for FOO

MANILA, Philippines — AC Energy Corp. (ACEN) said its follow-on offering has received strong investor support.

ACEN said the FOO price of P6.50 per share was determined based on a book-building process which saw significant participation from leading global long-term institutional investors, resulting in multiple times oversubscription.

“We are grateful for the continued support of our regulators and for the overwhelming response we received from the institutional investors during the book-building process. The exceptional investor support reinforces AC Energy’s position as the region’s leading renewables platform,” AC Energy president and CEO Eric Francia said.

“The FOO completes the company’s successful fund-raising efforts this year and allows it to play a meaningful role in the green-led recovery,” he said.

ACEN commenced the retail offer period on May 3 which will run until May 7. The target listing date is May 14.

The company is offering up to 2.01 billion common shares, consisting of 1.58 billion primary shares, 330.24 million secondary shares to be offered by AC Energy and Infrastructure Corp. and Bulacan Power Generation Corp. and over-subscription option of up to 100 million secondary shares.

Assuming the over-subscription option is exercised in full, ACEN and the selling shareholders expect to raise gross proceeds of P13.07 billion.

Net proceeds from the sale of primary shares will be used to partially fund the development of renewable power projects in the pipeline and inorganic growth opportunities if and when they arise, repayment of loans and reduction of payables and other general corporate requirements.

The company will not receive any proceeds from the sale of secondary shares by the selling shareholders.

ACEN is poised to be the leader in renewable energy in the country and has set its goal to reach 5,000 megawatts (MW) net attributable capacity in renewables by 2025 to become the largest listed renewables platform in Southeast Asia.

As of end-2020, the company had a total net attributable capacity of over 1,000 MW from operating projects and projects under construction, which is expected to increase significantly with the planned infusion of AC Energy International, which has 1,400 MW of attributable capacity.

BPI Capital Corp. is the sole global coordinator, underwriter and joint bookrunner of the FOO.

CLSA Limited and UBS AG Singapore Branch, on the other hand, are the international joint bookrunners.