ACEN Corp. said on Friday that it had injected P2 billion in fresh funding to wholly owned subsidiary Giga Ace 8 Inc. to help it finance the construction of an integrated solar project in Zambales.
ACEN previously entered into a subscription agreement with Giga Ace 8 to acquire 300 million redeemable preferred shares “A” in the subsidiary for a total subscription price of P3 billion.
ACEN noted that on Oct. 16, 2026, it made an initial payment of P2 billion upon execution of the subscription agreement.
It added that the rest of the subscription price would be paid, in whole or in tranches, upon demand by Giga Ace 8 as may be required based on its funding requirements and exigencies and subject to the approval of the subsidiary’s board of directors.
The closing of the transaction will depend on the full payment of the subscription price and approval by the Securities and Exchange Commission (SEC) of an increase in the authorized capital stock of Giga Ace 8.
Proceeds from the share subscription will be used to finance the construction of Giga Ace 8’s 237 megawatt-alternating current Palauig Solar 2 project and the 240MW/520 megawatt-hours Palauig 2 battery energy storage system located in Barangays Salaza and Bulawen in Palauig, Zambales.
ACEN shares on Friday slipped P0.01, or 0.37 percent, to close at P2.66 each.
