ACEN subscribes to $14.62m shares in Greencore solar power JV

This large cash infusion partially settles Greencore's loan for the Pampanga solar project.

The Philippines’ ACEN has subscribed to nearly $14.62m (PHP 860m) additional shares in Greencore Power Solutions 3, Inc., its joint venture with Citicore Solar Energy Corporation operating 115.671 MW Arayat Mexico PV Solar Power Plant in Pampanga.

In a bourse filing, ACEN said the subscription agreement covers 2.41 million common A shares worth around $40,970 (PHP 2.41m) and 41.97 million redeemable preferred shares A for $14.56m (PHP 856.71m).

The consideration was a straight cash payment made upon signing the relevant documents.

Proceeds from the subscription will be used by Greencore 3 to partially settle its outstanding loan obligations to the company. The said loan was previously extended to finance the development and construction of a photovoltaic solar power plant located in Arayat and Mexico, Pampanga.

PHP1 = $0.017