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AC Energy Corp. under its subsidiary ACE Endevor Inc. has acquired 60% of the Natures Renewable Energy Development Corp. (NAREDCO). The agreement will also provide finance to the development of the 200 MWdc Lal-lo solar power project, Cagayan.
ACEN also subscribed to 82,500 shares in NAREDCO for P8.25 million with a par value of P100 per share. These shares represent 60% of the outstanding shares.
“The subscription price will be used by NAREDCO to fund the development of the proposed 200-MW Lal-lo solar power project in Lal-lo, Cagayan. The planned capacity of Phase 1 is 100 MW,” ACEN said.
ACEN formed a joint venture with CleanTech Global Renewables Inc. and the later company assigned its obligations and rights to CREC4 (a wholly-owned subsidiary of the company).
45,000 shares have been subscribed which will be issued from the unissued capital stock of NAREDCO 37,500 shares will be issued from NAREDCO’s authorized capital stock.
The Lal-lo site is ideal for solar power projects as it has a flat landscape, high resource quality, and good potential for expansion.