ACEN Corporation the energy platform of Ayala Corporation, has taken a significant step toward expanding its renewable energy portfolio by acquiring full ownership of IslaSol, a key solar energy asset in Negros Occidental. This move aligns with ACEN’s strategic vision to expand its renewable energy footprint and underscores its commitment to sustainable energy solutions.
ACEN, in a disclosure to the Philippine Stock Exchange, said it executed a Share Purchase Agreement and Deed of Absolute Sale with AEIT, involving the acquisition of 7,371 Redeemable Preferred Shares E (“RPS E”) of IslaSol. This transaction, pending the requisite certificate authorizing registration from the Bureau of Internal Revenue, will grant ACEN full ownership of IslaSol.
IslaSol comprises multiple utility-scale solar farms located in La Carlota and Manapla, Negros Occidental, which began operations in 2016. The facility boasts an installed capacity of 80 MW, powering approximately 16,000 homes and avoiding around 45,000 metric tons of CO₂ emissions annually.
This acquisition is a pivotal component of ACEN’s broader strategy to augment its renewable energy capacity. In recent years, the company has made substantial investments in various renewable projects. Notably, in August 2024, ACEN allocated PHP 7.6 billion to its renewable energy initiatives, including PHP 4.06 billion for solar projects in Zambales and PHP 3.6 billion for the 335-MW Isla Wind Project spanning Laguna and Quezon.
These investments are integral to ACEN’s ambitious goal of achieving 20 GW of renewable capacity by 2030.
ACEN’s strategic focus on renewable energy has yielded positive financial outcomes. The company reported a 24% increase in net income for the first nine months of 2024, reaching PHP 8.14 billion, up from PHP 6.6 billion in the same period the previous year. This growth is attributed to a 31% rise in renewable energy generation and a robust position in the Wholesale Electricity Spot Market.
With the full acquisition of IslaSol, ACEN Corp is poised to further enhance its renewable energy output, contributing to its long-term vision of achieving net-zero greenhouse gas emissions by 2050.
Beyond its operational achievements, IslaSol has been instrumental in promoting energy self-reliance and environmental stewardship in its host communities. Initiatives such as the installation of solar rooftop panels in local public buildings and educational programs on renewable energy underscore ACEN’s commitment to community development and sustainability.
ACEN Corporation’s complete acquisition of IslaSol signifies a strategic advancement in its renewable energy agenda, reinforcing its position as a leader in the transition to sustainable energy sources in the region. This move not only strengthens ACEN’s operational capacity but also aligns with global efforts to combat climate change through increased adoption of renewable energy.
With ACEN’s full takeover of IslaSol, the company is doubling down on solar energy—do you think this will spark more aggressive investments in renewables across the country? Or are there still major roadblocks holding the industry back? Let’s discuss!
