ACEN hikes investment in unit

By Lorenz S. Marasigan – March 25, 2025
from Business Mirror

ACEN Corp. has subscribed to additional shares in its wholly owned subsidiary, ACEN Technical Services Inc. (ACEN TSI), with a total investment of P75 million to support the group’s project development and construction activities in the Philippines.

In a disclosure to the Philippine Stock Exchange, ACEN said it has signed a subscription agreement with ACEN TSI, acquiring 7,500 common shares at a par value of P100 per share and 67,500 redeemable preferred shares (RPS) at P1,100 each.

The move effectively raises ACEN’s stake in ACEN TSI to 86.2 percent of the latter’s outstanding shares. The shares subscribed to will be issued out of ACEN TSI’s unissued authorized capital stock and were fully paid in cash.

ACEN TSI serves as the Ayala-led energy platform’s development and construction shared services arm for its domestic renewable energy projects.

“This subscription will provide additional funding to ACEN TSI, which was constituted as the ACEN Group’s development and construction shared services company for Philippine development,” the disclosure read.

The company’s net income jumped by 27 percent year-on-year to P9.36 billion mainly due to the strong performance of its renewable energy (RE) power plants.

Attributable renewables output of 5,596 gigawatt hours (GWh) was 25 percent higher than in 2023, buoyed by generation from plants energized throughout the year. In the Philippines, this new capacity also supported the expansion of the company’s net seller position to 1,131 GWh, a 57-percent increase year-on-year.

Across ACEN’s international portfolio, 3,770 GWh of renewable energy was generated, a 13-percent year-on-year increase. This was supported by output from newly operationalized plants in Australia, India, and Vietnam.

The company now has an attributable renewables capacity of 7GW, comprising 3.3 GW in operation, 2.3 GW under construction, and 1.4 GW of projects that are expected to begin construction within the next 12 months to 18 months.