Ayala-backed ACEN Corp. is raising as much as P30 billion through a stock rights offering (SRO) to support its renewable energy expansion and pay down debt.

The company’s board approved the offer and issuance of primary common shares to eligible shareholders, subject to regulatory approvals, on Wednesday following an annual stockholders meeting.

“This will support further expansion of renewable projects. Then for flexibility, of course, we also put down some use of proceeds that will be in the disclosure as well,” ACEN President and CEO Eric Francia said in an interview with reporters.

RE expansion backed

“Still,” he added, “you’ll see that the primary focus will be about supporting our renewable expansion.”

Following the increase in ACEN’s authorized capital stock, the shares will be listed on the Philippine Stock Exchange.

Indicative pricing for the offering is set at a minimum of P2.30 per share. Final terms — including pricing, entitlement ratio, and issue size — will be determined and disclosed before the SRO’s launch.

ACEN said it will proceed with the offer once approvals are in place and market conditions are favorable.

Major shareholders AC Energy and Infrastructure Corporation and Arran Investment Pte Ltd have expressed support for the offering and plan to subscribe to their pro rata shares, pending final terms.

ACEN aims to complete 1,200 megawatts in renewable energy capacity by the end of 2025, including projects in the Philippines, Lao PDR and India.

Projects set for completion

The company expects several projects to be completed this year, including 146 MW from the Monsoon wind project in Lao PDR, 520 MW from the Stubbo solar project in Australia, 60 MW from a solar project in Pangasinan, 109 MW from the Stockyard wind project in Texas, 123 MW from a solar hybrid project in India, 160 MW from a wind project in Pagudpud, Ilocos Norte, and 57 MW from the Capa wind project, also in Pagudpud.

The company is working toward its goal of 20,000 MW in RE capacity by 2030 while aiming for Net Zero greenhouse gas emissions by 2050.

It has a presence in Australia, India, Lao PDR, the United States, Indonesia, Vietnam, Bangladesh and Taiwan.