AC Energy completes P13-billion follow-on offering

AC Energy Corp. has concluded its P13-billion follow-on offering, raising the Ayala-led firm’s fresh capital to P27.5 billion, it said on Monday.

In a regulatory filing, the firm said it had completed the sale of 2,010 million common shares on May 14.

Of the number, some 1,580 million shares were sold during the primary offer, 330 million shares were sold by AC Energy and Infrastructure Corp. (ACEIC) and Bulacan Power Generation Corp. during the secondary offer, and some 100 million were oversubscribed and sold by ACEIC.

ACEIC holds majority interest in ACEN.

“The offer was significantly oversubscribed, driven by the institutional tranche, as high-quality domestic and international institutional investors locked-in demand for ACEN,” the firm said. “The offer also saw a significant participation from PSE (Philippine Stock Exchange) trading participants and retail investors.”

In a Monday briefing, AC Energy President and Chief Executive Officer Eric T. Francia said that the follow-on offering concludes the firm’s final fund raising for the year.

The follow-on offering comes after ACEN’s stock rights offering and Singapore-based GIC Pte. Ltd affiliate’s private placement in the Ayala unit, which took place earlier this year.

“The total of those (three equity capital raising activities) is around P27.5 billion of fresh capital for ACEN. That will be deployed in support of our renewable expansion, particularly in the Philippines,” Mr. Francia said.

He added that this amount is included in the firm’s dry powder which has hit close to $1.2 billion covering its Philippines and international units.

Mr. Francia earlier said that ACEN is working on a renewable pipeline of 12,000 megawatts (MW), including projects in the country.

“We’re now approximately 2,500 MW of attributable capacity, of which 1,900 MW is from renewable sources (from) international and Philippines (units),” he explained.

He added that the firm is targeting to begin the construction of 1,000 MW worth of projects within the next six to 12 months, which will be equally split between its local and international platforms.

ACEN aspires to become the largest listed platform in the region as it hopes to reach a target net attributable capacity of 5,000 MW by 2025.

Shares of ACEN improved by 3.04% or 21 centavos to close at P7.11 apiece on Monday. — Angelica Y. Yang

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