ACEN eyes additional funding for RE boost

MANILA, Philippines — ACEN Corp., the Zobel family’s clean energy arm, is seeking to raise fresh funds this year to support the expansion of its renewable power portfolio in the Philippines and abroad.

“The company is evaluating options to raise additional equity capital within the next six to 12 months,” ACEN president and CEO Eric Francia told a media briefing following the company’s annual stockholders’ meeting yesterday.

While a stock rights offering (SRO) remains on the table, Francia said they are still actively exploring a broader range of funding sources to “ensure flexibility and optimal execution.”

ACEN previously deferred its planned P30-billion stock rights offering (SRO), which was intended to fund expansion initiatives over the next few years.

Asked about this year’s fundraising target, Francia noted it is unlikely to exceed the originally planned SRO amount.

SRO is a capital-raising activity that allows existing shareholders of a publicly listed company to buy additional shares, usually at a discounted price.

“We continue to closely monitor external factors, including geopolitical developments in the Middle East, inflation trends, interest rate movements and overall capital market sentiment,” Francia said.

“We believe that this measured approach allows ACEN to remain opportunistic while ensuring that any capital raise is aligned with shareholder value and long-term strategic objectives,” he added.

ACEN is on track to reach more than eight gigawatts of renewable electricity capacity by year-end from the current seven GW.

The company’s portfolio has also fully transitioned to 100 percent clean power, marking a major step in its journey to lead energy transition in the Philippines and across the region.

“As we scale, execution becomes even more critical. Our ability to deliver projects reliably – on time, on budget and safely – will define the strength and sustainability of our growth,” Francia told ACEN stockholders yesterday.

In an earlier interview, Francia said ACEN expects stronger growth this year amid mounting risks from the Middle East crisis, counting on the surging interest in renewables.

Given its limited reliance on fuel, ACEN’s domestic and international operations remain steady despite energy supply pressures.

“I think this year should be much better than last year. And will, therefore, allow us to sustain our investment programs,” Francia said.