ACEN said the landmark transaction would enable the early retirement of the 246-megawatt coal plant in Batangas province. READ:
ACEN Corp,., the energy platform of the Ayala Group, announced Monday its full divestment from South Luzon Thermal Energy Corp.’s coal plant using the energy transition mechanism touted as the first deal in the world.
“ACEN continues to blaze the trail for energy transition in the Asia Pacific. As the company has successfully divested its coal asset, ACEN commits to a just energy transition. We have established mechanisms to ensure that stakeholder interests, especially those of the people and communities of SLTEC are effectively addressed,” ACEN president and chief executive Eric Francia said.
ACEN received P7.2 billion from the transaction for reinvestment in the company’s renewable energy projects. The balance would be used to refinance debt and transaction fees.
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