ACEN Corporation Expands Renewable Energy Portfolio In The Philippines

ACEN CORPORATION (ACEN) has solidified its commitment to renewable energy expansion by signing a subscription contract with its wholly-owned subsidiary, Giga Ace 8, Inc. The subscription involves additional shares to fuel the development of the proposed 300.011MWp/237MW AC Palauig Solar 2 Project.

Under the agreement, ACEN will subscribe to 26,093,464 Common A Shares, 234,889,072 Redeemable Preferred A Shares (RPS A), and 60,897,168 Redeemable Preferred C Shares (RPS C) of Giga Ace 8, Inc. The total Subscription Price amounts to Php8,699,542,160.00.

This subscription marks a significant step in ACEN’s renewable energy endeavors, emphasizing its dedication to sustainable development in the Philippines. The investment will provide additional funding for Giga Ace 8, Inc.’s renewable energy projects, contributing to the country’s clean energy transition.

The terms of the transaction include an initial payment of Php2,174,885,530.00, with the remainder subject to full payment of the Subscription Price and necessary regulatory approvals from the Securities and Exchange Commission (SEC) for the increase in Giga Ace 8, Inc.’s authorized capital stock.

The subscription reflects ACEN’s strategic vision to expand its renewable energy portfolio and underscores its role as a key player in driving environmental sustainability and energy transition in the Philippines.

This disclosure aligns with ACEN’s ongoing commitment to transparency and corporate governance, ensuring stakeholders are informed of significant developments in its renewable energy initiatives.