ACEN Exits Two Solar Projects Due to Land Acquisition Hurdles

MANILA, Philippines — Several land-related challenges have prompted the Zobel family’s ACEN Corp. to abandon plans for two solar power projects in Quezon and Zambales. In a regulatory filing yesterday, the company said its subsidiaries Abagat Energy Corp. and SolarAce2 Energy Corp. voluntarily relinquished their respective solar operating contracts. Abagat Energy had planned to develop a 336-megawatt (MW) solar farm in Pagbilao, Quezon, but faced significant land acquisition challenges affecting the project site. SolarAce2, meanwhile, had proposed a 120-MW solar project but cancelled the plan due to site access constraints. ACEN said the cancellation of the two contracts would have no material impact on the group’s operations. “These projects are still in the early stages of development, have not reached a final investment decision and neither subsidiary has commenced any commercial operations,” it said. Across the Philippines, ACEN has more than 2,500 MW of renewable energy capacity either operational or under construction. Last week, the company executed a short-term loan agreement of up to P1 billion with another subsidiary, Giga Ace 6 Inc., which is developing the 344.5-MW Quezon North Wind Power Project in Quezon. Targeted for completion by 2027, the project marks the first phase of ACEN’s broader wind power development in the province. Quezon North Wind is expected to generate about 1,730 gigawatt-hours of clean power annually.