ACEN Corporation will invest an additional PHP1.46 billion in Natures Renewable Energy Development Corporation (NAREDCO), a special purpose vehicle (SPV), for the development of the Cagayan North Solar Power Project in the Philippines. ACEN will subscribe to additional shares covering 309,700 redeemable preferred shares A valued at PHP2,820.51 per share and 225,240 redeemable preferred shares C costing PHP2,585.55 per share.
The 133 MW solar project will be developed in two phases and is scheduled to commence commercial operations in 2024. The solar project is ACEN’s joint venture project with Cleantech Renewable Energy 4 Company.