ACEN disburses P7.7 billion to boost RE portfolio

MANILA, Philippines — Ayala-led ACEN Corp. has invested the remaining proceeds of a share sale last year to accelerate the development of its eligible green energy projects in Luzon.

The Ayala Group’s listed energy arm told the Philippine Stock Exchange (PSE) that it disbursed P7.66 billion to finance its solar and wind projects.

The company forked out P4.06 billion for solar projects in Zambales and P3.6 billion for the 335-megawatt (MW) Isla wind project spanning across Laguna and Quezon.

ACEN is currently constructing Palauig Solar 2, its second-biggest solar farm, near the 63-MW Palauig Solar 1.

The Zambales solar farms are expected to sustainably power 130,000 homes and reduce 350,000 tons of carbon emissions per year.

The Isla wind project, meanwhile, has a total project cost of P37.7 billion and is targeted for completion as early as October next year.

The disbursement report was made in compliance with the supplemental listing and disclosure requirements of the PSE for renewable energy (RE) companies.

ACEN completed its maiden peso-denominated preferred share offering in September 2023, successfully raising P25 billion in fresh funds.

The proceeds from the issuance, the largest preferred share sale in the country since 2016, were used to fund eligible green projects and enable more than one gigawatt (GW) of RE developments.

At present, ACEN’s portfolio consists of about 4.8 GW of attributable RE capacity in operation and under construction, on top of the recently signed agreements and competitive tenders worth over one GW.

The energy firm wants to quadruple its attributable RE capacity to 20 GW by 2030.

From January to June, ACEN reported a net income of P6.3 billion, up by 49 percent from P4.2 billion a year ago on the back of a hotter renewable output here in the country and abroad.

In the Philippines alone, the company’s renewable plants generate 1,015 GW-hours, up by 77 percent.

International assets, on the other hand, produced 1,893 GWh, 28 percent higher compared to the same period in 2023.