ACEN offloads diesel assets in green pivot

ACEN Corp. has successfully unloaded its stakes in three diesel-fired power firms to AC Energy and Infrastructure Corp. (ACEIC), ahead of its target to become a pure-play renewable energy company by year-end.

The company informed the Philippine Stock Exchange on Monday that it signed the deed of absolute sale with ACEIC on 29 August covering 6 million common shares in Bulacan Power Generation Corp., 6.35 million shares in CIP II Power Corp., and 33.49 million shares in One Subic Power Generation Corp.

Bulacan Power runs a 52-megawatt (MW) bunker-C plant in Bulacan; One Subic Power leases a 116-MW plant in Subic Bay Freeport; and CIP II owns a 21-MW facility in La Union.

ACEN said the deal was valued at less than 10 percent of its total assets as of the end of 2024 and was paid in cash upon signing.

The company's board cleared the divestment in early August to “help ACEN achieve its goal of 100 percent renewable energy generation by end-2025.”

ACEIC, the buyer, is also under the Ayala group, which holds the conglomerate’s energy and infrastructure interests.

ACEN has been unloading its thermal power portfolio to focus on wind, solar, and other clean energy projects in the Philippines, Vietnam, India, and Australia.