ACEN Corp.’s board has cleared the Ayala-led energy company’s equity infusion in two international units, and the corporate guarantees to another subsidiary’s fundraising.
In a stock exchange disclosure on Thursday, ACEN said its board had approved on July 5 an equity investment of about $70 million in subsidiaries ACEN International, Inc. and ACEN Renewables International Pte. Ltd.
The energy company also said another subsidiary, which it identified as ACEN Cayman, will raise $352 million to fund its payment obligations after board approval of the issuance of corporate guarantees for the debt facilities.
Meanwhile, ACEN announced the appointment of Jonathan P. Back as chief finance officer of the company effective Jan. 1, 2024.
This came as its current finance chief, Maria Corazon G. Dizon, is set to retire on Dec. 31.
Mr. Back serves as ACEN’s chief strategy officer and will remain to hold his current position while taking the finance post starting next year.
ACEN has set an aggressive target of 20 gigawatts (GW) of attributable renewable energy capacity by 2030.
To date, the company has a pipeline of 18 GW of pipeline projects across the region. The company has around 4,200 MW of attributable capacity spread across the Philippines, Vietnam, Indonesia, India, and Australia.
ACEN is also aiming to roll out its 8-GW portfolio of clean energy projects in the Philippines by 2030.
At the local bourse on Thursday, shares in the company shed six centavos or 1.12% to end at P5.29 apiece. — Ashley Erika O. Jose