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AC Energy subscribes to P14-B shares of solar, wind subsidiaries - BusinessWorld Online

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AYALA-LED AC Energy Corp. has agreed to subscribe to the shares of two subsidiaries for a combined P14 billion to fund the units’ separate projects in solar and wind energy development. READ:

AC Energy disclosed to the stock exchange on Wednesday its subscription to the shares of Santa Cruz Solar Energy, Inc. for P6,999,631,590 to give it a 99.99% stake in the subsidiary.

AC Energy signed the subscription agreement on Dec. 28 for 69,996,316 common A shares and 629,966,843 redeemable preferred A shares of the subsidiary. Separately, AC Energy disclosed on Wednesday its signing of a subscription agreement to 99.96% of the total outstanding shares of Bayog Wind Power Corp. for P7 billion.

“The subscription will be used by BWPC to fund continuing works for the construction of the 160-MW Pagudpud Wind Project in Barangays Balaoi and Caunayan, Pagudpud, Ilocos Norte,” It said.

 

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