ACEN invests P75 million for technical services unit

MANILA, Philippines — Ayala-led ACEN Corp. has allocated P75 million to support the operations of a subsidiary providing technical services for project development.

The Ayala Group’s listed energy platform has subscribed to 7,500 common shares and 67,500 redeemable preferred shares of ACEN Technical Services Inc. (TSI) at a price of P100 and P1,100 each, respectively.

The shares, representing 86.2 percent of the total outstanding shares of ACEN TSI, came from the unissued portion of the subsidiary’s authorized capital stock.

“The subscription will provide additional funding to ACEN TSI, which was constituted as the ACEN Group’s development and construction shared services company for Philippine development,” ACEN said.

The board of directors of ACEN approved the move in December 2023.

This latest investment came days after ACEN announced its plan to inject some P660 million in fresh capital into another subsidiary, Buendia Christiana Holdings Corp.

BCHC will use the funding to acquire real property required for the group’s various potential energy projects, according to ACEN.

ACEN is currently developing multiple green energy projects here in the Philippines and abroad in a bid to achieve an attributable renewables capacity of 20 gigawatts by 2030.

To date, the company has a global portfolio of seven GW spanning operational, under-construction and committed projects.

In 2024, ACEN saw its net income grow by 27 percent to P9.36 billion from P7.4 billion previously on the back of robust global renewables output.

Revenues marginally rose to P37.3 billion from P36.5 billion, while costs and expenses narrowed to P27.36 billion from P31.73 billion.

Company officials have said that ACEN remains focused on expanding its renewables fleet across the Asia-Pacific region and delivering strong investor returns over the long term.