MANILA, Philippines — Ayala-led ACEN Corp. is infusing P4.6 billion into its subsidiaries to bankroll the construction of its renewable energy projects here in the Philippines and abroad.
In a stock exchange filing, the Ayala Group’s listed energy platform disclosed plans to inject $55 million (P3.1 billion) into units ACEN Renewables International Pte. Ltd. and ACEN International Inc.
The subsidiaries are taking the lead in developing the group’s clean energy projects across various markets, including Vietnam, Laos, India, Indonesia and the United States.
ACEN also intends to channel an additional P1.5 billion in equity into its 300-megawatt (MW) Palauig Solar 2 in Zambales.
The ACEN board approved the move at a special meeting last Thursday.
The company is currently developing the Palauig Solar 2, its second-biggest solar facility in Zambales located near the 63-MW Palauig Solar 1.
With an annual generation output of 90 gigawatt-hours (GWh), Palauig Solar 1 has been powering the Luzon grid since April 2021.
Palauig Solar 2, on the other hand, is expected to generate over 450 GWh of clean power annually.
Combined, the Zambales solar farms are capable of supplying clean power to over 130,000 homes and avoiding about 350,000 tons of carbon emission per year.
ACEN has a global generation portfolio of around seven GW, consisting of operational, under-construction and committed projects.
For 2025, ACEN has programmed about P70 billion in capital spending to power its growth and expand its presence globally.
In the first half, the company posted a net income of P763 million, down by 88 percent from the P6.3 billion earned a year ago.
A company official earlier said the first-half performance reflected persistent challenges in the company’s core markets, particularly the Philippines and Australia.
Despite headwinds, ACEN still saw its renewables output increase by nine percent year-on-year to 3,228 GWh, thanks to contributions from its new power plants abroad.