Ayala-led ACEN Corp. has sold its ownership interests in three diesel power plants to its parent company, AC Energy and Infrastructure Corp. (ACEIC), in a move that will help ACEN reach its goal of becoming a 100 percent renewable energy company.
In a disclosure to the Philippine Stock Exchange on Monday, ACEN announced the sale of its stakes in Bulacan Power Generation Corp. (BPGC), One Subic Power Generation Corp. (OSPGC), and CIP II Power Corp. (CIP II). The three special-purpose companies own diesel plants in Norzagaray, Bulacan (52 megawatts); Subic Bay Freeport (116 MW); and Bacnotan, La Union (21 MW).
The sale included six million common shares of BPGC, 6,351,000 common shares of CIP II, and 33,493,366 common shares of OSPGC.
The consideration, which was a cash payment, was determined through a mutual agreement between the two companies and is less than 10 percent of ACEN’s total assets as of the end of 2024.
ACEN is the energy platform of the Ayala group, with about seven gigawatts of attributable renewable energy capacity.
It has a key presence in the Philippines, Australia, Vietnam, India, and Laos, and has strategic investments in Indonesia and the United States.
