Ayala joins solar power bandwagon

ACEN, the energy arm of the Ayala Group, has acquired 500 million shares in SPNEC, a unit of Leviste-led Solar Philippines, for P660 million based on the current market value.

In a stock market report on Wednesday, ACEN said its Executive Committee approved the acquisition as pre-payment for part of a loan to Solar Philippines.

“(The loan) has a repayment date of 2 July 2026 and in consideration of the release of a pledge of shares of Solar Philippines in SPNEC,” the company disclosed.

Following the acquisition of the shares, ACEN now owns 5 percent of the outstanding shares of SPNEC.

In June 2021, ACEN signed a P1-billion Omnibus Loan and Security Agreement with Solar Philippines affiliate Provincia Investments Corporation to acquire various project sites for solar power projects.

Secured via real estate

The fund will be secured through real estate mortgage over Provincia Investments and third-party mortgagors’ title to, or rights and interests over real assets favoring ACEN. It would also involve a mortgage and pledge over the shareholding of Solar Philippines in one of its fully-owned subsidiaries.

 


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