ACEN lays out P1.1B into Zambales solar park

MANILA, Philippines – Ayala-led ACEN Corp. has injected an additional P1.147 billion into its wholly owned subsidiary to accelerate the construction of a solar park in Zambales.

Based on its regulatory filing on Thursday, the renewable energy firm said it had subscribed to 3.44 million common shares and 30.98 million redeemable preferred shares in Giga Ace 8 Inc. at P10 apiece.

READ: ACEN eyes P15.8-B energy storage system in Zambales solar park

Around 8 million redeemable preferred shares, valued at P100 each, were also included in the subscription deal.

Giga Ace 8 is a special purpose vehicle of the group tasked to ramp up its expansion in the local renewables market.

According to ACEN, the total subscription price that reached P1.147 billion would help finance the development of Giga Ace 8’s 300-megawatt peak (MWp) Palauig Solar 2 Project.

In a filing with the Department of Environment and Natural Resources last January, ACEN sought to increase the capacity of the Palauig solar project to 420 MWp.

Once finalized, the development will require P26 billion in investments, up from the initial P16 billion budget.

The firm also intends to equip the Palauig project with a battery energy storage system, enabling it to store excess generated power and release it when the demand jumps.

Commercial operations of the solar facility are seen to start by the second half of next year.

READ: ACEN sets P4.6-B infusion into clean energy assets

“As of November 2025, construction was 88.19 percent complete. The solar plant is expected to have a 25-year operational lifespan, while the battery units are projected to last 15 years,” ACEN earlier said.

ACEN’s core market is the Philippines. It also has operations in Australia, Vietnam, Lao PDR, Indonesia and India. INQ