ACEN Corp., the listed energy platform of the Ayala Group, has invested about P859 million to subscribe to additional shares in its joint venture Greencore Power Solutions 3, Inc.

In a disclosure to the stock exchange on Wednesday, the company said it signed a Subscription Agreement covering 2,413,862 additional Common A shares at P1 per share, amounting to P2.41 million, and 41.97 million Redeemable Preferred Shares at P20.41 per share, totaling P859.70 million 

The shares were taken pro rata to ACEN’s 45 percent stake in Greencore 3.

ACEN said the proceeds from the fresh capital will allow Greencore 3 to partially settle its outstanding loan obligations to the company partially. 

The loan was previously extended to finance the development and construction of the 115.671-megawatt Arayat–Mexico photovoltaic solar power plant in Pampanga.

The subscription was approved by ACEN’s board on 13 December 2021, and executed on Tuesday, 9 December. 

Greencore 3 is a joint venture between ACEN and Citicore Solar Energy Corp. operating the Arayat–Mexico solar project.