ACEN unit buys P1.29 billion shares in SPV for Cagayan solar project

MANILA, Philippines — ACEN Corp. and its wholly owned subsidiary ACE Endevor Inc. have subscribed to P1.29 billion worth of shares in a special purpose vehicle (SPV) that will develop a 200-megawatt direct current (MWdc) solar farm project in Cagayan.

In a stock exchange filing, ACEN said it signed subscription agreements with Natures Renewable Energy Devt. Corp. (NAREDCO) for 275,000 redeemable preferred shares A (RPS A) and 200,000 redeemable preferred shares C (RPS C).

Subscription to RPS A and RPS C has an aggregate par value of P775.64 million and P517.11 million, respectively.

ACE Endevor, meanwhile, will subscribe to 25,000 redeemable preferred shares B in NAREDCO for an aggregate par value of P25,000.

ACEN said the subscription price would be used by NAREDCO to fund the development of the proposed Lal-lo solar power project.

Commercial operations of the solar project, which will be developed in two phases, are expected to commence in 2024.

Phase 1 of the project has a planned capacity of 133.46 MWdc, while Phase 2 will have 60.54-MWdc capacity.

NAREDCO is a SPV for the development of the Lal-lo solar power project, ACEN’s joint venture project with CREC4, a subsidiary of CleanTech Global Renewables Inc.

ACEN, ACE Endevor, CREC4, and NAREDCO have signed last March a shareholders’ agreement to cover the ownership and management of NAREDCO, as well as the development and operation of the proposed 200-MWdc Lal-lo solar power project in Lal-lo, Cagayan.