ACEN sets P4.6-B infusion into clean energy assets

Renewable energy projects of ACEN Corp. will get a funding injection worth P4.6 billion.

The listed energy arm of the Ayala Group told the local bourse that it would provide an equity infusion of about P3.1 billion into ACEN Renewables International Pte Ltd., its unit that is focused on its projects abroad.

While the Philippines remains ACEN’s core market, it has also established its footprint in Vietnam, Australia, Laos, India and Indonesia.

ACEN’s 300-megawatt (MW) Palauig 2 Solar Project in Zambales province would also receive P1.5 billion.

Based on the firm’s website, the 16-billion large-scale solar farm is the group’s second biggest solar facility in the country.

As of the end of 2024, the development was 84 percent complete. Full completion is eyed by the first half of next year. It is designed to generate 453 gigawatt-hours yearly.

Currently, the company has a clean energy portfolio of 7,000 MW. Of this, 3,600 MW is online and 2,600 MW is under development across the Philippines and foreign markets.

The group is still hopeful that, in five years, it will have racked up a total of 20,000 MW of generating capacity.

To fuel this expansion, ACEN has been investing heavily in renewable energy rollouts, with backing from international banks. For 2025 alone, the firm has earmarked P70 billion for capital spending.

First half in red

Meanwhile, ACEN reported earlier that it recorded a steep decline in its bottom line in the first six months of 2025. This plunged to P763 million from P6.3 billion in the same period last year.

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Its top line also fell by 18.5 percent to P15.71 billion from P19.29 billion a year ago.

ACEN’s Philippine operations’ renewable energy plants generated 928 gigawatt-hours (GWh), down 9 percent due to weaker solar resources and ongoing turbine repairs.

Its international portfolio delivered 2,300 GWh of renewable energy, up 19 percent.

According to Jonathan Back, the firm’s chief finance officer, ACEN was “actively addressing the various challenges encountered during the quarter, with a relentless focus on execution.”