ACEN Divests Diesel Assets to Support 100% Renewable Energy Goal by 2025

ACEN Corporation has announced the divestment of its diesel power generation assets as part of its strategic transition toward achieving a fully renewable energy portfolio by the end of 2025.

In a disclosure to the Philippine Stock Exchange, the company confirmed that its Executive Committee approved the sale of its stakes in three subsidiaries that operate diesel power plants. The assets, which are now set to be transferred to AC Energy and Infrastructure Corporation (ACEIC), include:

• Bulacan Power Generation Corporation, which runs a 52 MW diesel facility in Norzagaray, Bulacan
• One Subic Power Generation Corporation, operating a 116 MW diesel plant in the Subic Freeport Zone
• CIP II Power Corporation, which manages a 21 MW diesel plant in Bacnotan, La Union

The divestment involves the transfer of ACEN’s outstanding common shares in these entities to ACEIC — its majority shareholder and a key member of the Ayala Group’s energy investment portfolio.

ACEN emphasized that the move is aligned with its commitment to become a 100% renewable energy company by the end of 2025. The company has consistently outlined this shift as part of its long-term sustainability and climate strategy.

While the financial terms of the deal were not disclosed, ACEN clarified that the total transaction value represents less than 10% of its total assets as of December 31, 2024 — thus not qualifying as a material transaction under applicable regulatory thresholds.

The sale is still subject to the fulfillment of certain conditions and the signing of definitive agreements.