ACEN gains full control of Negros Occidental RE firm
Logo of ACEN Corp., the listed energy arm of the Ayala Group
MANILA, Philippines – ACEN Corp., the listed energy arm of the Ayala Group, is set to take full control of Negros Island Solar Power, Inc. (Islasol).
In a disclosure on Friday, the company said it had signed a share purchase agreement and deed of absolute sale with Asian Energy Impact Trust Plc for the purchase of the latter’s stake in Islasol, involving 7,371 preferred shares.
ACEN did not disclose the value of the transaction but said in the filing that the acquisition price was “less than 10 percent of the book value of the Company as of 31 December 2024.”
READ: Ayala eyes takeover of Negros solar farms
Once the transaction is completed, ACEN will get full ownership of Islasol’s operations.
Islasol operates two renewable power facilities in Negros Occidental with a combined capacity of 80 megawatts (MW).
According to ACEN’s website, the two power plants can power about 16,000 households.
In March 2020, the Philippine Competition Commission approved ACEN’s acquisition of the stake of Philippine Investment Alliance for Infrastructure in Islasol, which was valued at P1.1 billion.Late last year, the firm also provided an additional P12 million for Paddak Energy Corp. through the purchase of 12 million shares.
This would allow the group to take full control of Paddak, which it envisioned to focus on technical operations and maintenance-related services to ACEN’s Philippine operating companies.
ACEN is a key player in the local renewable energy industry. Aside from the Philippines, the company is present in Australia, Vietnam, India, Indonesia, Lao PDR, and the United States.
Its global renewables capacity currently stands at 6.8 gigawatts (GW)—with 45 percent of them already operating, 34 percent under construction, and the remaining committed or green-lighted by its board.
By 2030, it hopes to expand its portfolio to 20 GW.
To support its targets, ACEN is spending at least P70 billion for 2025 alone.
