ACEN CORP., the Ayala group’s listed energy platform, is increasing its investment in subsidiary Belenos Energy Corp. by subscribing to P392 million worth of additional shares.
ACEN signed a contract with Belenos to subscribe to 392 million redeemable preferred shares at P1 each, the company told the local bourse on Tuesday.
The shares, which represent 29% of the total outstanding shares of Belenos, will be issued from the increase in authorized capital stock of Belenos, subject to the necessary regulatory approval by the Securities and Exchange Commission (SEC).
Belenos is ACEN’s special-purpose vehicle for development projects in the Philippines. It is a holding company that houses ACEN’s investments in YMP Telecom Power, Inc. and YMP Industrial Power, Inc., which it previously acquired to provide solar power to telecommunication towers, as well as the commercial and industrial sectors.
ACEN said it will pay an initial P180 million for the subscription price.
“The subscription will allow ACEN to have significant ownership in Belenos and is meant to facilitate Belenos’ investment in a potential renewable energy project,” the company stated.
In October last year, ACEN also subscribed to 50 million redeemable preferred shares worth a total of P50 million and invested P81 million in August to secure 81 million shares.
For 2025, ACEN has earmarked roughly P70 billion as its capital expenditure budget for renewable energy projects. The company is expecting to operationalize power projects with a combined capacity of approximately 1.2 gigawatts (GW) located within and outside the Philippines.
This pipeline of projects is part of the company’s 6.8-GW portfolio of attributable renewable capacity in operation, under construction, and committed projects.
After attaining its 5-GW renewable energy capacity target, the company aims to achieve 20 GW of renewables by 2030. — Sheldeen Joy Talavera