ACEN acquiring solar developer in Pangasinan

MANILA, Philippines — ACEN Corp. is taking over a company that is behind a 60-megawatt peak (MWp) solar plant in Pangasinan.

In a stock exchange filing, ACEN said it has executed a share purchase agreement with Sungrow Power Renewables Corp. and Havilah AAA Holdings Corp.

The agreement is for the sale and purchase of Sungrow and Havilah’s shares and/or subscription rights in Sinocalan Solar Power Corp. (SSPC) to ACEN.

SSPC is the developer of a 60-MWp solar power plant in Pangasinan.

“Completion of the acquisition is expected to occur by Dec. 15, 2022, subject to agreed conditions precedent,” ACEN said.

Upon completion of the acquisition, ACEN will wholly own SSPC, adding 60 MW of renewable energy capacity to its portfolio.

ACEN, the Ayala Group’s listed energy platform, seeks to grow its renewables capacity to 20 gigawatts (GW) by 2030.

It is committed to 100 percent renewables generation by 2025.

Last month, ACEN announced that it  fully divested from its remaining coal plant under South Luzon Thermal Energy Corp. (SLTEC) through the world’s first energy transition mechanism or ETM.

The ETM will ultimately result in the early retirement of the SLTEC coal plant by 2040, or 15 years ahead of the end of its technical life.

ACEN has about 4,000 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia, with a renewable share of 87 percent, which is among the highest in the region.