ACEN’s Major Investments in Solar Renewable Energy

Renewable energy giant ACEN Corp. is accelerating its clean energy transition with a massive PHP 8.7 billion investment into a new large-scale solar project in Palauig, Zambales. This strategic move is a cornerstone of the company’s broader PHP 72 billion capital expenditure plan for 2024, aimed squarely at achieving its ambitious target of 20 GW of renewable capacity by 2030.

The investment materializes as a subscription to 321,879,704 shares in Giga Ace 8, the special-purpose vehicle managing the development. These funds are specifically allocated for the 300.011 MWp Palauig Solar 2 power plant, a project set to significantly boost the Philippines’ solar energy output. The complex share subscription involves common, redeemable preferred A, and redeemable preferred C shares, a structure designed to optimize the project’s financial footing for successful execution. An initial payment of PHP 2.17 billion will be made, with the balance contingent on regulatory approvals.

The Palauig project joins an impressive domestic portfolio. In the same province, ACEN is also developing the 385 MW San Marcelino solar project. The company’s expansion is further bolstered by a major partnership with BrightNight to develop 1 GW of renewable energy projects and ambitious plans for a 1 GW floating solar facility on Laguna Lake, underscoring a multi-faceted growth strategy within the Philippines.

ACEN’s vision extends well beyond national borders, with significant investments in the Australian market. Key international assets include the 720 MWp New England Solar Farm in New South Wales, one of Australia’s largest solar installations, and the upcoming 400 MW Stubbo Solar project, which is expected to be commissioned by early 2026. These ventures are critical to the company’s international growth and its contribution to global decarbonization efforts.

This aggressive expansion is supported by a robust financial foundation, with ACEN reporting a net income of PHP 9.36 billion for the full year 2024. Having already surpassed its 5 GW capacity target two years ahead of schedule, the company’s strategic plans are firmly on track. From flagship projects like the Islasol plants in Negros Occidental, which abate 231,000 tonnes of carbon annually, to pioneering wind farms, ACEN is solidifying its role as a key driver in the region’s transition to a sustainable, clean energy future.

Sources on ACEN’s Major Investments in Solar Renewable Energy

1. ACEN allocating P72B in 2024 for renewable projects – Inquirer
2. ACEN’s 2024 net income grows 27 percent to ₱9.36 billion
3. [PDF] Full Year 2024 Financial & Operating Results – ACEN
4. ACEN boosts presence in Vietnam with $70.5-M investment
5. ACEN targets 8 GW renewables portfolio
6. ACEN to invest P60B in PHL solar, wind, and battery projects …
7. BrightNight, ACEN to build 1GW of renewables in the Philippines