ACEN now fully owns 500-MW Quezon wind park

ACEN Corp., the listed energy platform of the Ayala Group, has jacked up its power generation portfolio with the full acquisition of a company that is developing a 500-megawatt (MW) wind project in Real, Quezon province.In a disclosure to the local bourse on Thursday, ACEN said it purchased the remaining 6,000 common shares in Real Wind Energy Inc. (RWEI) held by Maraj Energy and Development Corp. This represents a 60-percent stake in RWEI. The acquisition came just four months after ACEN bought a 40-percent interest in RWEI.

ACEN did not disclose the value of the transaction, but said in the filing that the acquisition price was “less than 10 percent of the book value of the company” as of March 31, 2024.

“The RWEI project is strategically located close to another ACEN wind project spanning Laguna and Quezon,” the Ayala unit said.

“This new acquisition presents opportunities for synergies through the joint use of logistical routes, transmission lines and substation infrastructure,” it added.Meanwhile, ACEN said in a separate filing that it would infuse P2.137 billion into another subsidiary to fund renewable energy projects.

ACEN said it signed an agreement with Gigasol1 Inc. for its subscription of 2.137 million redeemable preferred shares, priced at P1,000 apiece.

Renewables

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The shares will be issued out of the authorized capital stock increase of Gigasol1, which is still subject to the approval of the Securities and Exchange Commission.Specific projects that the additional funds would finance were not mentioned, but ACEN noted the fresh capital would support “development activities relating to renewable energy projects in the Philippines.”

So far, ACEN’s capacity is at 5,000 MW of renewables.

By next year, the company is eyeing to achieve 100 percent renewable energy in its generation portfolio, and become a net zero greenhouse gas emissions company by 2050. ACEN also seeks to become the biggest listed renewables platform in Southeast Asia.Aside from the Philippines, ACEN has renewable projects in Australia, Vietnam, India, Indonesia, Laos and the United States. —Lisbet K. Esmael INQ