AC Energy Philippines Inc. is investing P1.86 billion in a 120-megawatt (MW) solar power farm in Alaminos town, Laguna province. In a disclosure on Tuesday, AC Energy said it had signed a subscription agreement with SolarAce1 Energy Corp., which would develop the farm. Under the deal, the Ayala-led energy firm would subscribe 6,000,000 Class A common shares and 180,000,000 Class A redeemable preferred shares. AC Energy President and Chief Executive Officer Eric Francia said last year his company expected to begin building these plants in 2020. AC Energy shares dropped by 5 centavos or 2.13 percent to close at P2.30 each on Tuesday.

Source: Manila Times January 14, 2020 14:10 UTC