ACEN Corp., the energy arm of the Ayala Group, has signed a subscription agreement worth P1.15 billion with fully owned subsidiary Giga Ace 8 Inc. The investment covers common and preferred shares issued from Giga Ace 8’s unissued capital stock.
Giga Ace 8 acts as a special vehicle for developing renewable energy facilities, currently working on a 420-megawatt solar farm and a 347-megawatt battery storage system. ACEN also plans to start or finish construction of another 1,000 megawatts worth of projects this year, mostly involving battery storage.
The company aims to reach 20,000 megawatts of renewable capacity by 2030 and achieve net-zero emissions by 2050. Beyond the Philippines, it operates projects across Asia-Pacific, the U.S., and other regions.
The funding strengthens ACEN’s push to expand its clean energy infrastructure, supports national energy security and its global sustainability targets.
