Energy
Ayala Power Unit Eyes $6 Billion Equity Capital For Expansion
- ACEN to raise 60% of required capital via debt financing
- More capacity under construction in a year, CEO says
The headquarters of Ayala Corporation and Ayala Land Inc. in Makati, Philippines.
Photographer: Aaron Favila/APThis article is for subscribers only.
ACEN Corp. is looking at raising $6 billion in equity capital over the coming years, including from a possible share sale, to fund the expansion of its renewables business, the CEO of Philippine conglomerate Ayala Corp.’s energy unit said.
“We are reaching a point where our balance sheet needs to be reinforced with equity capital, especially given that we want to be prudent in terms of the leverage ratios,” Eric Francia said in an interview on Monday.