ACEN divests nearly 200 MW of diesel plants

This is part of the efforts to transition fully to renewable energy.

The Philippines’ ACEN Corp. has sold its interests in its remaining diesel plants with a total capacity of nearly 200 megawatts (MW) as it targets 100% renewable energy generation by the end of 2025.

In a company disclosure, ACEN said its interests in three diesel plants were sold to AC Energy and Infrastructure Corporation. The transaction covers the Bulacan Power Generation Corporation, which has a 52 MW diesel plant, One Subic Power Generation Corporation, with a 116 MW diesel plant, and CIP II Power Corporation, with a 21 MW diesel plant.

The divestment will be implemented via a sale to ACEIC of ACEN’s outstanding common shares in these special purpose companies. The total consideration is less than 10% of the total assets of the company as of 31 December 2024

The completion of the divestment is subject to the satisfaction of agreed conditions precedent and the execution of definitive documentation.