Ayala-led ACEN Corporation has executed a share purchase agreement with Sungrow Power Renewables Corp. and Havilah AAA Holdings Corp., a company behind a 60-megawatt-peak (MWp) solar plant in Pangasinan. 

According to ACEN’s Philippine Stock Exchange (PSE), the agreement involves the sale and purchase of Sungrow and Havilah’s shares and/or subscription rights in Sinocalan Solar Power Corp, (SSPC) to ACEN. 

SSPC is the developer of the 60-MWp solar power plant in Pangasinan. 

“Completion of the acquisition is expected to occur by Dec. 15, 2022, subject to agreed conditions precedent,” ACEN said in its disclosure. 

Once the acquisition is completed, ACEN will fully own SSPC, which will add 60 MW of renewable energy capacity to its portfolio. 

Earlier, ACEN announced that it will be injecting Php 271.48 million through share subscriptions into a special-purpose vehicle that will develop a solar project in Cagayan. 

ACEN recently divested from the South Luzon Thermal Energy Corp. (SLTEC), its remaining coal-fired power plant through an energy transition mechanism. 

ACEN is looking to expand its renewables capacity to 20 gigawatts by 2030. The Ayala company is eyeing to achieve a 5,000 MW all-renewable energy portfolio by 2025. 

The company currently has 4000 MW in attributable capacity across the Philippines, Vietnam, Indonesia, India, and Australia.