ACEN acquires 60% stake in 500-MW wind project developer

A $1.25m loan was also executed.

Philippine-based ACEN Corp. has announced the acquisition of secondary shares in its wholly-owned subsidiary Real Wind Energy, Inc., (RWEI) a company developing and operating 500 megawatts (MW) of wind energy projects in Real, Quezon.

In a bourse filing, ACEN said the transaction involves 6,000 shares owned by Maraj Energy and Development Corp. This is equivalent to 60% of the total outstanding shares of RWEI.

“The acquisition price, which considers the price per share, is less than 10% of the book value of the company as of 31 March 2024,” ACEN said, noting that the acquisition will be paid through cash.

The Ayala-led company said the transaction will potentially add 500MW of renewable energy to its power generation portfolio.

ACEN also announced the execution of its $1.25m (PHP70m) loan agreement with RWEI to fund the latter’s general corporate requirements in the Province of Quezon.

The company previously announced plans to raise $15b to increase its clean energy capacity from 5 gigawatts (GW) to 20GW in six years.

Follow the link for more news on

ACEN

Also Read

ADB inks $24.3m financing package for grid-connected solar plant in Bangladesh

First Gen's hydro unit bags $119.13m loan

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit