ACEN Corp., the listed energy platform of the Ayala Group, is divesting its diesel-fired power assets with a combined capacity of 189 megawatts (MW) in favor of renewable energy, with the sale of its stakes in three diesel plants to parent company AC Energy and Infrastructure Corp. (ACEIC).
In a disclosure on Monday, ACEN said its Executive Committee approved the sale of its ownership interests in the following special purpose vehicles: Bulacan Power Generation Corp. with a 52 MW facility in Norzagaray, Bulacan, One Subic Power Generation Corp. with 116 MW in Subic Freeport, and CIP II Power Corp. with 21 MW in Bacnotan, La Union.
The deal will be executed through the sale of ACEN’s outstanding common shares in the three firms to ACEIC, which holds a majority stake in ACEN.
"The divestment will help the Company achieve its goal of reaching 100 percent renewable energy generation by end-2025," ACEN said.
ACEN said the transaction remains subject to the completion of conditions precedent and the signing of definitive agreements.
The company added that the total consideration is less than 10 percent of its total assets as of 2024.