Leading renewable energy company ACEN Corp. has invested PHP 8.7 billion in a large-scale solar power project in Palauig, Zambales. This landmark investment marks a key step in ACEN’s strategy to expand its renewable energy portfolio and drive sustainable growth.
Project Kickoff and Financial Commitment
ACEN Corp. acquired 321,879,704 shares in Giga Ace 8, a special-purpose vehicle for its solar projects, through a PHP 8.7 billion subscription. This transaction significantly increases ACEN’s ownership stake in the project entity.
ACEN will make an initial payment of PHP 2.17 billion to Giga Ace 8, with the remainder payable after securing all necessary regulatory approvals for the capital increase. These funds are earmarked for the Palauig Solar 2 project—a 300.011 MWp / 237 MWac solar power plant set to significantly expand the region’s renewable energy capacity.
Image: Collected
The share subscription comprises three types of shares: 26,093,464 common shares at PHP 10.00 each, 234,889,072 redeemable preferred A shares (RPS A) at PHP 10.00 each, and 60,897,168 redeemable preferred C shares (RPS C) at PHP 100.00 each.
This diverse shareholding structure is designed to optimize the project’s financial position and ensure its successful and timely completion.
Achievements and Future Ambitions
ACEN surpassed its 2025 target of 5 GW of renewable capacity two years ago, with 65% of that capacity now installed. Building on this momentum, the company is now focused on its ambitious goal of reaching 20 GW of renewable energy capacity by 2030.
ACEN’s strong financial position—marked by a net income of PHP 2.7 billion in the first quarter of 2024, a 34% year-over-year increase—supports its ambitious growth plans. This robust performance is driven by new solar and wind farms in the Philippines and Australia, along with revenue from green certificates in Australia.
ACEN’s Key Renewable Energy Projects
ACEN is actively developing several flagship solar projects, including the 300.011 MWp/237 MWac Palauig Solar Power Plant in Zambales and the expanding 120 MWp Alaminos Solar Power Plant in Laguna. Powered by cutting-edge photovoltaic technology and advanced battery energy storage systems (BESS), these projects provide a reliable source of clean energy.
Beyond solar, ACEN has diversified its renewable energy portfolio with projects like the 81 MW North Luzon Renewables Wind Farm in Pagudpud, Ilocos Norte, which leverages the region’s strong wind resources. Internationally, the company’s 720 MWp New England Solar Farm in New South Wales, Australia, stands as one of the largest in the country and also incorporates advanced battery storage.
In the Visayas region, the 80 MWp Islasol Solar Power Plants in Negros Occidental have significantly contributed to local economic development while reducing carbon emissions by 231,000 tonnes annually. This project underscores ACEN’s commitment to advancing the renewable energy landscape in the Philippines and helps position the country as a clean energy leader.
Each of these projects brings ACEN closer to its 2030 goal of 20 GW of renewable energy capacity. With strong financial backing and expanding capabilities, the company is helping drive the Philippines’ transition to a clean energy future and setting a benchmark for the region.
The Palauig Solar 2 project, alongside its other key initiatives, solidifies ACEN’s position as a leader in the clean energy transition and reinforces its role in building a sustainable future.
