ACEN Corp. directs P7.66B to renewable energy projects

AYALA-LED ACEN Corp. is spending P7.66 billion on its renewable energy projects in Zambales and Laguna from the proceeds of its preferred shares offering last year.

ACEN has allocated P3.6 billion of the proceeds to its 335-megawatt (MW) Isla Wind Project in Laguna and P4.06 billion to its solar projects in Zambales, the company told the local bourse on Friday last week.

In September last year, the energy company raised P25 billion from its maiden preferred shares issuance following strong demand from both institutional and retail investors.

The amount raised is intended to finance the company’s new or existing eligible green projects.

According to the Energy department’s list of winning bidders, Giga Ace 6, Inc., a unit of ACEN, won the bidding for the Isla Wind Project in the second round of the Energy department’s green energy auction.

The P37.7-billion wind power project was granted green lane endorsement by the Board of Investments, which will expedite and streamline the process and requirements for the issuance of permits and licenses.

The project is targeted for commercial operations by the fourth quarter of 2025.

Currently, ACEN holds about 4.8 gigawatts (GW) of attributable renewable capacity in operation and under construction, as well as signed agreements and won competitive tenders worth over one GW.

At the local bourse on Tuesday, shares in the company fell by 1.95% to close at P5.53 each. — Sheldeen Joy Talavera