General articles are free for 24 hours after publish.
ACEN Subsidiaries Surrender 2 Solar Power Contracts Amid Land Issues
ACEN Corp., the Philippines' renewable energy giant, has surrendered two service contracts for solar power projects in Quezon and Zambales due to land issues. This move highlights challenges in the company's renewable energy expansion strategy.
MANILA, Philippines — ACEN Corp., the listed energy arm of the Ayala Group, has moved to abandon two service contracts involving solar power projects in Quezon province and Zambales amid land issues. In a regulatory filing on Monday, the renewable energy producer said its subsidiaries have surrendered Solar Energy Operating Contracts No. 2024-08-938 and No. 2021-05-582. The decision highlights challenges in land acquisition for project development as ACEN aims to expand its renewable energy capacity within the Philippines. ACEN, a key player in the country's transition to clean energy under the Ayala conglomerate, may face unexpected hurdles in its growth strategy. Renewable energy projects in the Philippines, particularly large-scale solar facilities, often encounter delays and cancellations due to complexities in land rights and community agreements. ACEN's latest move underscores how these country-specific challenges are impacting its business operations. Information Source: Inquirer Business
Original source
Inquirer Business