ACEN Corp., a leading renewable energy company, has recently invested PHP8.7 billion in a large-scale solar power project in Palauig, Zambales. This significant investment underscores ACEN's commitment to expanding its renewable energy portfolio and driving sustainable growth.
Project Kickoff and Financial Commitment
ACEN Corp. acquired 321,879,704 shares in Giga Ace 8, a special-purpose corporation dedicated to owning and operating solar renewable energy projects, through a PHP 8.7 billion subscription. This investment will increase ACEN's ownership stake in Giga Ace 8.
ACEN Corp. will make an initial payment of PHP 2,174,885,530 to Giga Ace 8, with the remaining amount payable upon obtaining all necessary regulatory approvals for the capital increase. The funds will be utilized for the Palauig Solar 2 project, a 300.011 MWp / 237 MWac solar power plant that will 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 aims to optimize Giga Ace 8's financial position and ensure the successful completion of the solar project.
Achievements and Future Ambitions
ACEN has already surpassed its 2025 target of 5 GW of renewable energy capacity in 2022, with 65% of that capacity already installed. Building on this momentum, ACEN is now focused on achieving its ambitious goal of 20 GW of solar renewable energy capacity by 2030.
ACEN's strong financial position, with a net income of PHP 2.7 billion in the Philippines as of March 2023 (a 34% increase year-over-year), supports its ambitious growth plans. This growth is driven by the performance of new solar and wind farms in the Philippines and Australia, as well as revenue from green certificates in Australia.
Solar Renewable Energy Projects by ACEN
ACEN Corp. 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. These projects, powered by cutting-edge photovoltaic technology and advanced battery energy storage systems, provide a reliable source of clean energy.
ACEN has further diversified its renewable energy portfolio with the 81 MW North Luzon Renewables Wind Farm in Pagudpud, Ilocos Norte, leveraging the region's strong wind resources. Additionally, the company's 720 MWp New England Solar Farm in New South Wales, Australia, is one of the largest solar farms in the country and incorporates advanced battery storage technology.
The 80 MWp Islasol Solar Power Plants in Negros Occidental have significantly contributed to the economic development of the Visayas region while reducing carbon emissions by 231,000 tonnes per year. This project highlights ACEN's strategic approach and unwavering commitment to advancing solar renewable energy in the Philippines, positioning the country as a leader in the global renewable energy landscape.
ACEN's ongoing projects bring the company closer to its 2030 goal of achieving 20 GW of renewable energy capacity. With strong financial backing and growing capabilities, ACEN is driving the Philippines' transition to a clean energy future and setting an example for the region.
Alongside these and other successful projects, ACEN's Palauig Solar 2 project has positioned the company as a leader in the clean energy transition, driving a sustainable and prosperous future.