Ayala-led ACEN Corporation is going to acquire 5% (equivalent to 500 million shares) in listed firm SPNEC, SP New Energy Corporation, as prepayment for a loan it extended the latter for a Central Luzon solar farm development.
The Philippine Stock Exchange was informed by the Ayala Company that the SPNEC shares would be used as prepayment for a loan facility it had secured in 2021 through its subsidiary Provincia Investments Corporation of Solar Philippines.
John Eric T. Francia (CEO & President of ACEN) stated that the shares that will be acquired will represent 5.0% of the company’s equity, as calculated prior to SPNEC’s infusion.
The parties have agreed to repay the loan on July 2, 2026, based on an omnibus loan and security agreement (OLSA).
ACEN explained that the shares’ acquisition will also represent the “payments of interest, arrangement, and security amendment fees in exchange for the company releasing the pledge over shares held by Solar PH.”
ACEN also indicated that, immediately after its Executive Committee approval, the company signed definitive agreements with Solar PH and PIC.
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