GIC Private Limited completes private placement in AC Energy Corporation

GIC Private Limited (GIC), through its affiliate Arran Investment Pte Ltd, has completed the subscription of four billion primary shares via a private placement of AC Energy Corporation. 

The private placement enables ACEN to raise additional capital totaling PHP11.88 billion (US$207.371 million) to fund its various developmental and operating projects, as well as potential acquisitions.

The Company previously announced the Board of Directors’ approval of the investment by GIC on November 11, 2020, and the signing of an Investment Agreement with GIC (together with AC Energy and Infrastructure Corporation, ACEN’s parent company) on December 30, 2020.

The private placement is the first tranche of GIC’s investment to achieve a 17.5% ownership stake in ACEN (“the Investment”). The Investment will be implemented through a combination of subscription to four billion primary shares via a private placement, and the purchase of secondary shares from ACEIC (the Top Up). The Top-Up will enable GIC to achieve the target 17.5% percent ownership stake in ACEN, taking into consideration GIC’s expected future dilution, including from the planned infusion of ACEIC’s international assets into ACEN.

The completion of the purchase by the GIC affiliate of secondary shares from ACEIC is subject to the completion of the infusion by ACEIC of its international assets into ACEN by way of property for shares swap and applicable regulatory approvals.

AlphaPrimus Advisors acted as financial advisors to ACEN and ACEIC for this transaction.