ACEN Invests ₱2 Billion in Solar Project to Enhance Renewable Energy Capacity

MANILA, PHILIPPINES — ACEN Corporation has announced a substantial investment of ₱2 billion (approximately $35.5 million) into its wholly owned subsidiary, Giga Ace 8 Inc., to support the construction of an integrated solar project in Zambales. This funding is part of a larger subscription agreement where ACEN plans to acquire 300 million redeemable preferred shares in Giga Ace 8 for a total of ₱3 billion.

ACEN plans to execute the subscription agreement and make the initial payment of ₱2 billion on October 16, 2026. The remaining subscription price will be paid in tranches as required by Giga Ace 8, contingent upon the approval of the subsidiary’s board of directors and the Securities and Exchange Commission (SEC) for an increase in its authorized capital stock.

The proceeds from this investment will primarily finance the construction of the Palauig Solar 2 project, which has a capacity of 237 megawatts, along with a battery energy storage system capable of 240 megawatts and 520 megawatt-hours. These facilities will be located in Barangays Salaza and Bulawen in Palauig, Zambales.

“Supporting the energy transition from fossil fuels to clean renewable energy is key to addressing climate change in the region.”Suzanne Gaboury, ADB Director General for Private Sector Operations

ACEN's commitment to renewable energy is underscored by its broader strategic goals. The company aims to reach 20 gigawatts of renewable capacity by 2030, as noted in its recent sustainability-linked loan agreements with the Asian Development Bank (ADB) and the Bank of the Philippine Islands (BPI). These loans, totaling up to ₱11 billion, are intended to bolster solar energy projects across the Philippines, further supporting the nation's energy transition efforts.

According to ADB Director General for Private Sector Operations Suzanne Gaboury, supporting the energy transition from fossil fuels to clean renewable energy is key to addressing climate change in the region. She also highlighted ACEN’s role in divesting from coal power generation and channeling funds into solar and wind power.

Despite the positive outlook, ACEN shares experienced a slight decline, closing at ₱2.66 (around $0.05) per share, down ₱0.01 or 0.37% on the day of the announcement.