ACEN story. ACEN Corp.’s executive committee approved the sale of its ownership interests in three special purpose companies, which own the company’s diesel plants, to AC Energy and Infrastructure Corp. (ACEIC). The move is part of ACEN’s plan to become a 100-percent renewable energy company by end-2025.
ACEN disclosed to the Philippine Stock Exchange that the committee approved the sale of its ownership interests in Bulacan Power Generation Corp., owner of the 52-megawatt diesel plant in Norzagaray, Bulacan; One Subic Power Generation Corp., owner of the 116MW diesel plant at the Subic Freeport; and CIP II Power Corp., owner of the 21MW diesel plant in Bacnotan, La Union.
ACEIC is the majority shareholder of ACEN, the power generation arm of the Ayala Group.
The divestment’s completion is subject to the satisfaction of agreed conditions precedent and the execution of definitive documentation, ACEN said.
“The divestment will be implemented via a sale to ACEIC of the company’s outstanding common shares in the aforementioned special purpose companies,” ACEN stated. “The divestment will help the company achieve its goal of reaching 100 percent renewable energy generation by end 2025.”
The total consideration for the transaction is less than 10 percent of the company’s total assets as of Dec. 31, 2024.
ACEN is the Ayala group’s listed energy platform and has about 7 gigawatts of attributable renewable energy capacity spanning projects in operation, under construction and with signed agreements.
Its key market presence includes the Philippines, Australia, Vietnam, India, and Lao PDR, along with strategic investments in Indonesia, the U.S,, among others.