ACEN Corporation (ACEN), a leading renewable energy platform in the Philippines, has announced the acquisition of full ownership of Negros Island Solar Power, Inc. (Islasol), operator of two solar power plants in Negros Occidental.
According to a disclosure filed with the Philippine Stock Exchange (PSE) and the Securities and Exchange Commission (SEC), ACEN executed a Share Purchase Agreement and Deed of Absolute Sale with Asian Energy Impact Trust Plc (AEIT) on March 6.
The transaction involved ACEN acquiring 7,371 Redeemable Preferred Shares E (RPS E) of Islasol from AEIT.
“Upon the completion of the sale, subject to obtaining the requisite certificate authorizing registration from the Bureau of Internal Revenue, the Company will acquire full ownership of Islasol,” ACEN said in its disclosure.
Islasol operates two solar power plants in Negros Occidental with a combined capacity of 80 megawatts. The acquisition allows ACEN to gain full control of Islasol’s operations, decision-making, and financial management.
The acquisition was approved by ACEN’s Board of Directors on November 25, 2024. The consideration for the shares was a cash payment, with a retention amount for compliance with subsequent conditions. The total consideration was less than 10% of ACEN’s total assets as of December 31, 2024.
“Upon completion of the acquisition, the Company will acquire full economic and voting interests in Islasol,” ACEN’s disclosure stated.
The acquisition is in line with ACEN’s strategy to expand its renewable energy portfolio and contribute to the Philippines’ clean energy transition.
IslaSol is composed of multiple utility-scale solar farms in La Carlota and Manapla, Negros Occidental which began operations in 2016 and has a capacity to power 16,000 homes.
