Ayala-led ACEN Corp. is investing nearly P2 billion in its Pangasinan-based subsidiary to further develop a solar power plant set for completion this year.
In a stock exchange disclosure on Thursday, ACEN announced that it had signed a subscription agreement with Sinocalan Solar Power Corp. (SSPC) to purchase 199.98 million preferred shares for P10 each, totaling P1.99 billion.
ACEN, the energy platform of the Ayala group, stated that the funds will be used by SSPC to finance the development of the 60-megawatt Pangasinan Solar project in San Manuel town.
SSPC, a special purpose vehicle, will oversee the construction of the facility, which is expected to provide power to approximately 55,000 homes annually once it becomes fully operational.
Furthermore, the project will help reduce carbon dioxide emissions by 58,369 metric tons, according to ACEN.
The Pangasinan Solar project will utilize ground-mounted solar photovoltaic panels and will be connected to the national grid through a 2-kilometer transmission line at the 69-kilovolt San Manuel substation, added the company.
In December, ACEN announced its acquisition of SSPC through a share purchase agreement with Sungrow Power Renewables Corp. and Havilah AAA Holdings Corp.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
Denial of responsibility! Samachar Central is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.