ACEN Sells Diesel Assets for 100% Renewables Portfolio

ACEN Corporation, the listed energy platform of the Ayala Group, is taking a significant step toward its goal of a fully renewable energy portfolio by divesting its diesel-fired power assets totaling 189 megawatts (MW). The company announced it is selling its stakes in three diesel power plants to its parent firm, AC Energy and Infrastructure Corporation. (ACEIC).

In a disclosure to the Philippine Stock Exchange, ACEN said it will exit from three special-purpose companies that own and operate the diesel facilities. Three special-purpose companies—Bulacan Power Generation Corp., One Subic Power Generation Corp., and CIP II Power Corp.—will be acquired by ACEIC.

The assets include a 52-MW diesel plant in Norzagaray, Bulacan, operated by Bulacan Power Generation Corporation; a 116-MW plant in Subic Freeport under One Subic Power Generation Corporation; and a 21-MW facility in Bacnotan, La Union, run by CIP II Power Corporation.

“The divestment will help the company achieve its goal of reaching 100 percent renewable energy generation by end-2025,” ACEN said.

(Also read: ACEN Teams Up with Mitsubishi to Fast-Track Coal Plant Retirement)

ACEIC, which holds a majority stake in ACEN, will acquire all outstanding common shares in the three SPCs. While ACEN did not disclose the value of the transaction, it noted that the total consideration is less than 10% of its total assets as of year-end 2024. The diesel assets themselves account for under a tenth of the company’s asset base as of December 2024.

ACEN also emphasized that “the completion of the divestment is subject to the satisfaction of agreed conditions precedent and the execution of definitive documentation.”

This move is part of ACEN’s broader strategy to solidify its position as a leading renewable energy player in the Asia-Pacific region. The company currently has around 7 gigawatts (GW) of attributable renewable capacity that is operational, under construction, or covered by signed agreements. The Philippines remains its core market, comprising 35% of its total capacity, with additional projects and investments in Australia, Vietnam, India, Lao PDR, and select emerging markets, including Indonesia.

(Also read: ACEN Joins Forces with Danish Firm for Clean Energy Push)

Sources:

https://plus.inquirer.net/business/ayalas-acen-sells-diesel-assets-to-parent-firm/

https://edge.pse.com.ph/openDiscViewer.do?edge_no=63a7cdf74331488bec6e1601ccee8f59

https://bilyonaryo.com/2025/06/17/acen-sells-diesel-assets-as-part-of-renewables-pivot/power/

https://tribune.net.ph/2025/06/18/acen-offloads-diesel-assets-for-re-push

https://www.acenrenewables.com/our-presence/