ACEN Corp. is investing P1.15 billion in a unit developing a solar farm in Zambales, according to a stock exchange filing reported by BusinessWorld. The company said it entered into a subscription agreement with its unit Giga Ace 8, Inc. for additional shares.
The proceeds will be used to support the construction of a solar power project in Zambales, which is part of ACEN's renewable energy expansion pipeline. The investment underscores the company's commitment to growing its clean energy portfolio in the Philippines.
This capital infusion aligns with ACEN's strategy to scale up renewable energy capacity, contributing to the country's transition toward sustainable power sources. The project is expected to help meet growing energy demand while reducing carbon emissions.