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Brix Lelis - The Philippine Star
March 8, 2025 | 12:00am
In a regulatory filing, ACEN said it executed a share purchase agreement and deed of absolute sale with Asian Energy Impact Trust Plc (AEIT) involving 7,371 redeemable preferred shares of Islasol.
STAR / File
MANILA, Philippines — Ayala-led ACEN Corp. is set to take full control of Negros Island Solar Power Inc. (Islasol), which operates renewable power plants in Negros Occidental.
In a regulatory filing, ACEN said it executed a share purchase agreement and deed of absolute sale with Asian Energy Impact Trust Plc (AEIT) involving 7,371 redeemable preferred shares of Islasol.
The acquisition of shares, equivalent to 14 percent of the total outstanding shares of Islasol, will give ACEN full ownership and control of the solar firm’s operations, decision-making and financial management.
“For price per share, the total consideration is less than 10 percent of total assets of (ACEN) as of Dec. 31, 2024,” the listed energy platform of the Ayala Group said.
The parties are still securing the necessary certificate authorizing registration from the Bureau of Internal Revenue to complete the sale, ACEN said.
Currently, Islasol operates two large-scale solar farms with a combined capacity of 80 megawatts (MW), enough to power around 16,000 homes and avoid about 45,000 metric tons of carbon emissions.
Last year, ACEN fully acquired Real Wind Energy Inc., the special-purpose vehicle for the development and operation of a 500-MW wind farm in the municipality of Real in Quezon.
These initiatives bode well for the ACEN Group’s ambitious target of scaling up its renewables capacity to 20 gigawatts by 2030 and achieving net zero greenhouse gas emissions by 2050.
To date, the company has 6.8 GW of attributable renewables capacity spanning operational, under-construction and committed projects.
Besides the Philippines, it also has a growing presence in Australia, Vietnam, India, Indonesia, Laos and the United States.
