ACEN Corporation has announced the sale of its diesel power generation subsidiaries to AC Energy and Infrastructure Corporation (ACEIC). This is a move that supports its transition to 100% renewable energy by the end of 2025.

In a disclosure to the Philippine Stock Exchange, ACEN said its Executive Committee approved the divestment of the company’s ownership in three special purpose vehicles (SPVs) that operate diesel power plants. The companies and their corresponding assets are:

• Bulacan Power Generation Corporation, which operates a 52-megawatt diesel plant in Norzagaray, Bulacan
• One Subic Power Generation Corporation, which operates a 116-megawatt diesel plant in Subic Freeport
• CIP II Power Corporation, which operates a 21-megawatt diesel plant in Bacnotan, La Union

ACEIC, the buyer of the SPVs, is ACEN’s majority shareholder and a member of the Ayala Group’s energy portfolio. The sale will be executed through the transfer of ACEN’s outstanding common shares in the three entities to ACEIC.

According to ACEN, the transaction is part of its grander goal of fully shifting its energy portfolio to renewable sources. The company previously stated that they set a target of achieving 100% renewable generation by the end of 2025.

The total consideration for the transaction is below 10% of ACEN’s total assets as of December 31, 2024, which is therefore not considered a material transaction under regulatory rules. The sale remains subject to the fulfillment of agreed-upon conditions and the execution of the definitive documents.

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