ACEN Corp. is streamlining its renewable energy portfolio by dissolving 12 dormant subsidiaries and moving three energy units into its joint venture with BrightNight APAC BV.

The Ayala-led company said in a disclosure on Thursday that it also approved an additional P65 million working capital facility for Micro Power Philippines.

Corporate housekeeping

ACEN said the 12 subsidiaries lined up for dissolution have no ongoing operations or assigned projects, making the move part of its corporate housekeeping.

“The dissolution aligns with ACEN’s housekeeping process, as these subsidiaries currently have no ongoing operations or assigned projects,” ACEN said.

Separately, ACEN will sell Vayu Energy Corp., Zephyrus Energy Corp. and Oxylus Energy Corp. to Yanara Philippines Corp., its joint venture platform with BrightNight APAC BV.

The company said the transfers are “in line with the parties’ joint venture agreement.”

RE footprint in India

ACEN has been expanding its renewable energy footprint in India while bringing in partners to its projects.

The company recently agreed to sell up to 49 percent stakes in three Indian renewable energy projects to Diamond India Renewables One B.V., covering 250 MW of solar capacity and 120 MW of wind capacity.

ACEN has 1,258 MW of solar, wind, and hybrid projects under construction in India, with substantial completion targeted by end-2027.