ACEN listed company, a subsidiary of Ayala Corporation has added to its portfolio a 300MW Palauig Solar farm.

ACEN has disclosed in PSE Edge the following information.

ACEN, the listed energy platform of the Ayala Group, boosts its renewable energy portfolio in its home country, the Philippines, with the start of construction of the 300 MW Palauig 2 Solar farm located in Zambales, an area with one of the country’s highest irradiance zones and solar energy potential.

In proximity to ACEN’s operating 63 MW Palauig 1 Solar project, the cost of the new development, including the construction of the 1,200 MW transmission line, is estimated at Php16 billion. 540 MWp high-efficiency solar panels will be supplied by module manufacturer, Seraphim.

ERS Energy Pte. Ltd. (ERS) and Global Electric Power Development Corporation (GEC) are signed on as the project’s Engineering Procurement and Construction (EPC) contractors, with ERS as the offshore supplier and GEC as the onshore construction contractor.

Palauig 2 Solar is expected to produce over 450 GWh of clean energy per year, and together with Palauig 1 Solar’s 90 GWh output, can sustainably power the equivalent of around 139,000 homes and avoid 350,000 tonnes of carbon emissions annually. ACEN has also created around 2,200 green energy jobs in Zambales since the start of the development of Palauig 1 Solar in 2020, helping stir the local economy and improve national prosperity as the country gears up for a post pandemic era.

ACEN is the listed energy platform of the Ayala Group. The company has ~4,000 MW of attributable capacity from owned facilities in the Philippines, Vietnam, Indonesia, India, and Australia, with a renewable share of 98%, which is among the highest in the region.

ACEN’s aspiration is to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 GW of renewables capacity by 2030. ACEN is committed to transition the company’s generation portfolio to 100% renewable energy by 2025 and to become a Net Zero greenhouse gas emissions company by 2050.


ACEN stock price recovered its stock price after a shareholder firesale of its shares. Yesterday its price closed at 7.50 per share.

ACEN Stock Price

During the board discussions of ACEN that was held yesterday September 28, 2022 in the 35th Floor of the Ayala Triangle Gardens Tower 2, Paseo de Roxas corner Makati Avenue, Makati City there were several matters approved regarding its Solar power business expansion.

The company has discussed the Investment in and construction of the 300MWp/237MWac Giga Ace 8 Solar Power Project (including transmission line for 1200 MWac) of Giga Ace 8, Inc. in Palauig, Zambales. This includes funding of the 208 MWdc NAREDCO Solar Power Plant Project (including a 100MWdc expansion) in La-lo, Cagayan.

In Pangasinan it will continue its Investment in a 60MWp solar plant through the acquisition of Sinocalan Solar Power Corporation, the project SPV, and the execution of a Technical Services Agreement with Sungrow Power Renewables Corp, on terms as presented, and subject to agreed conditions precedent and applicable regulatory approvals;

There is also a commitment of up to AUD800 million (in any combination of equity, credit support, and guarantees, and similar arrangements) in relation to the construction of the 520MWdc Stubbo Solar Farm Project in Australia, on terms as presented; and (ii) Authority to ACEN Australia and its relevant subsidiaries to enter into PV module supply agreement for the project.

Stock price of ACEN has plummeted from the past few days following the sell of of risky assets in the market. It has dropped by as much as 30% since the prices broke down from its 20 day moving average.

ACEN Stock Chart Price