ACEN Corporation, the renewable energy subsidiary of the Ayala Group, has announced a joint venture with PT Dewata Megaenergi to develop renewable energy projects in Indonesia. The joint venture, known as PT Dewata ACEN Renewables Indonesia, aims to explore and develop potential renewable energy projects within Indonesia.
ACEN recently raised P25 billion through the issuance of perpetual preferred shares, with plans to use the funds to finance new or existing Eligible Green Projects and refinance short-term bridge loans. This move is part of ACEN’s strategy to diversify its funding sources and expand its renewables portfolio.
The preferred shares offering was met with strong demand from both institutional and retail investors, allowing ACEN to fully exercise its oversubscription option. The Series A Preferred Shares come with an initial dividend rate of 7.1330 per cent per annum, while the Series B Preferred Shares offer a fixed dividend rate of 8.0000 per cent per annum with no dividend rate re-setting, making them the first Philippine Peso-denominated fixed-for-life equity instruments listed on the PSE. ACEN also retains the option to redeem these preferred shares on specific anniversary dates.ACEN President and CEO Eric Francia expressed gratitude for the support received from investors, emphasizing the capital’s role in accelerating the company’s renewables expansion and sustainability focus. ACEN Chief Finance Officer Cora Dizon highlighted the unique features of the preferred shares, including their fixed-for-life nature and alignment with ACEN’s sustainability goals and growth aspirations.