ACEN Corp., the listed green energy platform of the Ayala Group, said its Executive Committee has approved the sale of its interests in three diesel-fired power plants to its majority shareholder, AC Energy and Infrastructure Corp. (ACEIC), as part of its broader strategy to become a pure-play renewable energy company.
The assets include the 52-megawatt diesel plant in Norzagaray, Bulacan, operated by Bulacan Power Generation Corp.; the 116-MW facility of One Subic Power Generation Corp.; and the 21-MW diesel plant of CIP II Power Corp. in Bacnotan, La Union.
ACEN said the divestment will be carried out through the sale of its outstanding common shares in the three special purpose companies to ACEIC. The transaction is subject to customary closing conditions.
“This divestment will help the company achieve its goal of reaching 100 percent renewable energy generation by the end of 2025,” ACEN said in a statement.
The total consideration for the sale is less than 10 percent of ACEN’s total assets, which stood at P329.5 billion as of end-2024.
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