Listed Ayala-owned ENEX Energy Corp. (ENEXOR) has halted its planned 1,100-megawatt (MW) combined-cycle gas turbine Batangas Clean Energy (BCE) project after struggling to secure an offtake contract and a third investor for the pre-development venture.

In a disclosure on Friday, the firm said its executive committee, acting under authority from the board, approved the discontinuation of the pre-development project and the mutual termination of its joint venture with US-based Blackstone Inc. portfolio company Gen X Energy LLC.

ENEX said the move was “driven primarily by the difficulty in securing an offtake contract to ensure the BCE project's viability, coupled with challenges in securing a third investor due to uncertainties surrounding the project’s offtake arrangements.”

The company added that the decision aligns with the aggressive renewable energy shift of its parent firm, ACEN Corp.

Beyond the discontinued project, ENEX also holds upstream interests, including the Cinco oil and gas prospect under Petroleum Service Contract 55.

The company holds a 75-percent interest in SC 55 in offshore West Palawan through its subsidiary, Palawan55 Exploration & Production Corp., while Pryce Gases owns the remaining 25 percent.

SC 55 contains the Cinco prospect, estimated to hold 1.3 trillion to 2.4 trillion cubic feet of gas and 45 million barrels of oil.