Philippines’ ACEN Corp. has entered into an agreement with its subsidiary Belenos Energy Corporation for the subscription of redeemable preferred shares valued at PHP467.75m ($8.02m) that will support the latter in its implementation of renewable energy projects.
In a bourse filing, ACEN said the agreement covers 467.75 million shares priced at PHP1 ($0.017) apiece. This will be issued out of the increase in authorised capital stock of Belenos, it added.
“The acquisition will allow ACEN to have a significant ownership in Belenos and is meant to implement Belenos’ investment into a potential renewable energy project,” the Ayala-led company said.
The transaction will be paid through cash and is still subject to regulatory approval.
Earlier this year, Filipino energy major ACEN Corporation partnered with Australian firm Yindjibarndi Aboriginal Corporation to develop up to 3GW of renewable projects with battery energy storage systems (BESS) in Western Australia. Australia has been a major market for large battery storage systems due to the spread out grid, as well as the increasingly high share of solar power, which has created a strong use case for large energy storage to absorb the extra generation during daylight hours.
The projects will be developed by Yindjibarndi Energy Corporation (YEC), in Western Australia’s Pilbara region, known until now for its vast mineral deposits
