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Manila Bulletin devider Business devider The Stock Market devider ACEN injects ₱1.9 billion into subsidiary to support solar farm

ACEN injects ₱1.9 billion into subsidiary to support solar farm

Published Oct 8, 2025 02:35 pm
Ayala-led ACEN Corp. infused approximately ₱1.9 billion into its renewable energy subsidiary, Natures Renewable Energy Development Corp. (NAREDCO) to support its financial obligations.
In a disclosure to the Philippine Stock Exchange on Wednesday, Oct. 8, ACEN announced that the company subscribed to 419,690 redeemable preferred shares C of NAREDCO at ₱4,527.16 per share.
ACEN said the cash injection will help fund the loan and operating expenses for NAREDCO, in which it is the majority stakeholder.
NAREDCO develops and operates the 133.46-megawatt-peak (MWp) Cagayan Solar power plant, which began operations in October last year.
ACEN controls 60 percent of NAREDCO, while Cleantech Renewable Energy 4 Corp. holds the remaining 40 percent. NAREDCO was formed in 2022 to develop, own, and operate the solar farm on 115 hectares in Lal-lo, Cagayan. The facility is expected to power about 45,000 households and reduce carbon dioxide emissions by roughly 128,000 metric tons annually.
The Cagayan solar farm is the province’s first utility-scale solar facility and will contribute to the Luzon grid's power supply, ACEN said.
Cleantech, a joint venture partner, is an independent power producer and renewable-energy developer. It also manages a 20 MWp solar farm in Sta. Barbara, Pangasinan, and the 22 MWp San Ildefonso Alternative Energy Corp. (SIAEC) project in San Ildefonso, Bulacan.
Separately, ACEN granted a ₱900 million loan to Giga Ace 6 Inc. (GA6) to develop the 553-MW Quezon North wind power project. This wind facility’s first construction phase is scheduled for completion by the fourth quarter of next year, with the next phase slated for sometime around 2027 or 2028.
Earlier this year, ACEN also secured an omnibus loan and security agreement (OLSA) for ₱34.4 billion from Ayala Corp.’s Bank of the Philippine Islands (BPI), BDO Unibank Inc., and Rizal Commercial Banking Corp. (RCBC).
ACEN currently has less than 7 gigawatts (GW) of attributable renewable energy capacity, including operational, under construction, and committed projects.

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