ACEN Corp., the listed energy platform of the Ayala group, is divesting its remaining diesel power assets as it aims to achieve full renewable energy (RE) generation by the end of 2025.
In a regulatory filing on Tuesday, ACEN said its executive committee had approved the sale of the company’s ownership interests in three special purpose vehicles to AC Energy and Infrastructure Corp. (ACEIC).
The sale covers Bulacan Power Generation Corp., which owns a 52-megawatt (MW) diesel plant in Norzagaray, Bulacan; One Subic Power Generation Corp., which owns a 116-MW diesel facility in the Subic Freeport; and CIP II Power Corp., which owns a 21-MW diesel plant in Bacnotan, La Union.
ACEIC, which holds Ayala’s energy and infrastructure assets, is ACEN’s parent company and major shareholder.
ACEN said the transaction would proceed upon completion of all required conditions and execution of definitive agreements.
The total consideration for the sale represents less than 10% of ACEN’s total assets as of Dec. 31, 2024.
“The divestment will help the Company achieve its goal of reaching 100% renewable energy generation by end-2025,” the company said.
In 2022, ACEN completed the full divestment of its coal-fired power plant under South Luzon Thermal Energy Corp. through what it described as the world’s first energy transition mechanism.
ACEN currently has 7 gigawatts (GW) of attributable RE capacity across operational, under-construction, and committed projects.
The company has expanded its footprint outside the Philippines to Australia, India, Indonesia, Vietnam, Lao PDR, and the United States.
It aims to grow its renewables portfolio to 20 GW by 2030.
“ACEN remains committed to lead the energy transition in the Philippines and around the region. We will remain steadfast with our purpose and aspirations, notwithstanding the global headwinds and noise besetting sustainable initiatives,” ACEN President and Chief Executive Officer Eric T. Francia said during the company’s annual stockholders’ meeting held in April.
“At the core of this sustained transformation is the organization’s focus on execution while delivering impact for all our key stakeholders.” — Sheldeen Joy Talavera
