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Manila Bulletin devider Business devider The Stock Market devider ACEN pauses ₱30-billion rights offer as capex pace slows

ACEN pauses ₱30-billion rights offer as capex pace slows

Published Jan 27, 2026 02:55 pm
ACEN Corp., the energy unit of the Ayala group, is pausing the planned stock rights offering as it calibrates the timing of its capital deployment for massive renewable energy expansion.
Eric Francia, ACEN president and chief executive officer said the Ayala-led power producer is pushing back the fundraising activity, originally slated for as early as August, to roughly a year after its initial conception.
Francia said that the company is currently focused on deploying existing capital before tapping the equity market again.
“Because of our pace of capital deployment, we are looking at the second half of this year for the next capital raising,” Francia said.
He noted that while the offering remains on the table, the company has effectively put the plan on hold indefinitely with a view to revisiting the strategy by mid-year.
The delay comes as ACEN manages a transition toward a goal of 20 gigawatts of renewable capacity by 2030.
While the firm had previously considered issuing as much as 30 billion primary common shares at a minimum price of ₱2.30 per share, Francia indicated that the specific terms and the mix of capital could shift depending on the priority of upcoming projects.
The company now expects to finalize its decision on the fundraising structure by the second quarter of 2025, with a tentative launch window shifted toward September 2025.
ACEN is gearing up for a significant ramp-up in spending, targeting a capital expenditure budget of over ₱80 billion for 2026.
Roughly 70 percent of that allocation is earmarked for projects in the Philippines, underlining a strategic pivot to solidify its domestic leadership. The firm views 2026 as a pivotal year for its operational footprint, aiming to reach a total capacity of 8 gigawatts across its operational, under-construction, and committed portfolios.
The company anticipates that its operational portfolio alone will reach seven gigawatts by next year. Of its total planned capacity, about 35 percent will be concentrated in the Philippine market.
By deferring the rights offering, ACEN is signaling a disciplined approach to its balance sheet, ensuring that new equity is raised only when immediate deployment is certain.
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