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.