ACEN Corporation invests P9 billion in Philippine solar and storage projects

ACEN Corporation is implementing a series of financial and structural reorganizations to support its renewable energy projects in the Philippines. The company has approved a P9 billion capital infusion into two subsidiaries to drive large-scale developments.

Specifically, ACEN is providing up to P6 billion to Sanmar Solar Inc. to develop a 500-megawatt battery energy storage system (BESS) and a solar park in Zambales. Additionally, Giga Ace 8 Inc. will receive a P3.24 billion loan to finance the 300-megawatt Palauig 2 solar project, including necessary transmission and substation infrastructure.

In a separate administrative move, ACEN approved PHP 65 million in additional funding for Micro Power Philippines through a working capital facility. The company also completed a portfolio restructuring that included the dissolution of 12 inactive subsidiaries and the sale of Vayu Energy Corporation, Zephyrus Energy Corporation, and Oxylus Energy Corporation to Yanara Philippines Corp., a joint venture platform with BrightNight APAC BV.