AYALA-LED ACEN CORP. has sold its remaining diesel power plants, moving closer to its goal of 100% renewable energy generation by the end of 2025.
In a stock exchange disclosure on Monday, ACEN said it had signed a deed of absolute sale of shares with AC Energy and Infrastructure Corp. (ACEIC) to dispose of ownership interests in three special purpose vehicles.
The sale involves 33.49 million common shares of One Subic Power Generation Corp., which owns a 116-megawatt (MW) diesel facility in the Subic Freeport; 6.35 million shares of CIP II Power Corp., which owns a 21-MW diesel plant in Bacnotan, La Union; and 6 million shares of Bulacan Power Generation Corp., which owns a 52-MW diesel plant in Norzagaray, Bulacan.
ACEIC, which holds Ayala’s energy and infrastructure assets, is ACEN’s parent company and major shareholder.
“The divestment will help ACEN achieve its goal of 100% renewable energy generation by end-2025,” the company said.
The total consideration for the sale represents less than 10% of ACEN’s total assets as of Dec. 31, 2024.
ACEN, the listed energy platform of the Ayala group, currently boasts 7 gigawatts (GW) of attributable renewable energy capacity across operational, under-construction, and committed projects.
The company has expanded its footprint outside the Philippines to Australia, India, Indonesia, Vietnam, Lao PDR, and the United States.
For the first quarter, ACEN reported an attributable net loss of P1.19 billion, citing a large impairment from its wind farms in Vietnam.
Revenues decreased by 15.8% to P7.95 billion, while costs and expenses dropped 0.3% to P9.95 billion.
ACEN President and Chief Executive Officer Eric T. Francia said macroeconomic and sectoral headwinds persist this year, underscoring the challenges of the energy transition.
“The company’s underlying health and long-term prospects remain robust, and we have been leveraging opportunities to increase contracted capacities and expand investments in energy storage,” Mr. Francia said.
Shares in the company declined 2.25%, or 0.05 points, closing at P2.17 apiece. — Sheldeen Joy Talavera