ACEN Corporation allocated Php 7.65 billion from its preferred shares offering last year to bolster its renewable energy projects in Luzon. 

In a report by Inquirer, the company detailed that Php 4 billion of the funds will be directed toward its solar projects in Zambales.

Meanwhile, the rest of the Php 3.6 billion is earmarked for the Isla Wind project, an onshore wind development extending over the provinces of Laguna and Quezon. 

This project, which requires an estimated investment of around Php 38 billion, is designed to generate 335 megawatts (MW) of clean energy. ACEN is anticipating that the project willbegin contributing power to the grid by the last quarter of 2025.

The preferred shares offering saw heavy demand from investors, allowing ACEN to exercise its oversubscription option, raising up to Php 12.5 billion in addition to the base offer of hp P12.5 billion.

According to ACEN’s filing, a significant portion of the proceeds, totaling Php 13.19 billion, had previously been allocated to finance its eligible green projects. Additionally, Php 4 billion was used to refinance short-term bridge loans for clean energy projects.

ACEN had previously stated that the funds could help in the development of over 1 gigawatt (GW) of renewable energy projects in the Philippines. The group’s current renewable capacity stands at 4.8 GW, with a goal to expand this to 20 GW by 2030.

In line with its commitment to sustainability, ACEN recently signed an agreement with Tamasek-led investment platform GenZero and Singapore’s Keppel Ltd. to accelerate the retirement of coal-fired plants, starting with the 246-MW South Luzon Thermal Energy Corp. coal plant in Batangas.