ACEN signs PHP3bn funding deal for Philippine solar and battery projects
The subscription will finance Palauig Solar 2 and its battery project, with closing subject to full payment and regulatory approval.
ACEN has signed a PHP3 billion share-subscription agreement to finance construction of its Palauig Solar 2 and battery-storage projects in the Philippines, committing further capital to a wholly owned project company.
The 16 October agreement covers 300 million redeemable preferred shares in Giga Ace 8, the special-purpose company building the two projects. The shares are priced at PHP10 each and will be issued through an increase in the subsidiary’s authorised capital.
According to ACEN’s Philippine Stock Exchange filing, the money will fund construction of the 300.011-megawatt-peak Palauig Solar 2 plant, with a stated alternating-current capacity of 237 megawatts, and the Palauig 2 battery energy storage system. The battery project is rated at 240 megawatts with 520 megawatt-hours of storage.
The payment schedule calls for an initial PHP2 billion upon execution of the agreement. The remaining PHP1 billion is payable in one amount or in instalments when Giga Ace 8 requests it, according to its funding needs and subject to its board’s approval. The filing sets out those payment terms without confirming that the initial amount has settled.
Closing requires full payment and approval from the Philippines’ Securities and Exchange Commission for the increase in Giga Ace 8’s authorised capital. ACEN’s board approved the transaction on 9 March 2026; the subscription agreement itself is dated 16 October.
Giga Ace 8 remains a wholly owned ACEN subsidiary. The new investment takes the form of redeemable preferred “A” shares, subscribed at par value. ACEN says the new preferred shares would represent 31.5% of the subsidiary’s total outstanding shares, assuming regulatory approval of the capital increase.
The subscription replaces an earlier loan arrangement. In its 3 September filing, ACEN disclosed a short-term loan agreement under which it would lend Giga Ace 8 up to PHP3.24 billion for the 300MWdc Palauig 2 Solar, transmission-line and substation project in Palauig, Zambales. The 16 October filing says the subscription proceeds will replace that funding arrangement.
Source: ACEN’s 16 October 2026 Philippine Stock Exchange disclosure and 3 September 2026 loan disclosure.
