ACEN reallocates funds for power projects

AYALA-LED renewable energy firm ACEN Corp. will be reallocating funding for power projects following a successful preferred share offer in September that enabled it to raise P25 billion.

In a Friday filing with the stock exchange, ACEN said its board on Thursday approved the reallocation of some proceeds from the offering of Series A and Series B preferred shares, which had an issue date of September 1.

The reallocation involves a number of revisions, foremost of which was a decrease in transaction expenses to P151.17 million from P168.02 million originally.

The other changes involve a reduction in the allocation for the Pangasinan Solar Project to P1.72 billion from P2.09 billion, as well as a reduction in the allocation for the Zambales Solar Projects to P12.75 billion from P15.22 billion.

On the other hand, ACEN said it was increasing the allocation for the Cagayan North Solar Project to P659 million from P230 million previously.

The company also decided to include the Isla Wind Power Project as a new eligible green project with funding of P2.42 billion.

“Previous allocations to the other projects were retained at their respective original allocation,” it said, citing the refinancing of short-term bridge loans for eligible green projects at P4 billion, the Palauig 2 Solar Project at P2.44 billion and the Capa Wind Project at P850 million.

In the first nine months of 2023, ACEN saw net income grow to P7.71 from P5.35 billion a year ago, mostly due to gains realized from the reduction of its stake in a Dutch holding company that has interests in the Salak and Darajat geothermal power plants in Indonesia.

Consolidated revenues for the period increased by 13 percent to P28.65 billion from P25.24 billion on the back of higher retail customer tariffs and the ramp-up of the New England Solar farm and battery project in Australia and the Pagudpud wind farm in the Philippines.

ACEN shares fell by 9 centavos, or 1.8 percent, to P4.90 each on Friday.