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Manila Bulletin devider Business devider ACEN invests ₱392 million in Belenos, continuing RE expansion strategy

ACEN invests ₱392 million in Belenos, continuing RE expansion strategy

Published Feb 4, 2025 04:12 am

Ayala-led ACEN Corp. announced Tuesday, Feb. 4, that it has increased its stake in its subsidiary, Belenos Energy Corporation, to bolster its renewable energy (RE) portfolio.

In a disclosure to the Philippine Stock Exchange, ACEN said it signed a subscription agreement worth ₱392 million to acquire 392 million redeemable preferred shares in Belenos. This investment will support potential RE projects in Belenos.

This is ACEN's third investment in Belenos in recent months. In October, it invested an additional ₱50 million, and in August 2024, it infused P81 million to secure 81 million redeemable preferred shares.

While no new RE projects have been announced, ACEN reported in 2023 that Belenos had entered into an agreement to acquire telecom firms YMP Telecom Power, Inc., and YMP Industrial Power, Inc. This acquisition represented less than 10 percent of ACEN’s book value.

ACEN has also been active in other investments. It recently provided a P30 million short-term loan to its wind subsidiary, Pagudpud Wind Power Corp. (PWPC).

This funding is part of the ACEN Group’s cash management optimization and will support PWPC’s development of a 160-megawatt (MW) wind project in Pagudpud, Ilocos Norte, which won the Green Energy Auction Program (GEAP) in 2022.

Internationally, ACEN recently commissioned the first phase of a solar and wind hybrid project in Dharashiv, Southern Maharashtra, India. The project has a 153-megawatt direct current (MWdc) capacity and spans approximately 500 acres.

Related Tags

green energy ACEN Corporation clean energy
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