ACEN

What ACEN does

ACEN Corporation is the publicly listed renewable energy platform of Ayala Corporation, one of the Philippines' largest conglomerates, headquartered in Makati with operations across 7+ Asia-Pacific and North American markets including the Philippines, Australia, India, Vietnam, Indonesia, Laos, USA, and Malaysia. The company develops, constructs, and operates utility-scale solar, wind, geothermal, and battery energy storage assets, holding 7 GW of attributable renewables capacity in operation and under construction as of March 2026, with a stated target of 20 GW by 2030. ACEN also operates ACEN RES, a retail electricity supply business that provides 100% renewable energy to commercial and industrial customers in the Philippines through the government-backed Green Energy Option Program (GEOP) and Retail Aggregation Program (RAP), serving 753+ customers with 482-508 MW of contracted capacity.

The company's underlying technology stack spans utility-scale photovoltaic solar (including floating PV through an Ocean Sun AS partnership using hydro-elastic membrane technology), onshore wind, geothermal generation (Salak and Darajat in Indonesia), and integrated battery energy storage systems (BESS) that address intermittency and enable dispatchable renewables. ACEN has pioneered the world's first market-based Energy Transition Mechanism (ETM) for early coal retirement, developed in partnership with the Asian Development Bank. Revenue is generated primarily through long-term power purchase agreements (PPAs) with utilities, corporates, and government entities (e.g., 30-year PPA with Rio Tinto for the Jinbi Solar Project; 9-year agreement with Makati City government for 154 buildings), supplemented by contracted retail electricity supply and project-based development partnerships.

The business model centers on utility-scale renewable generation sold via multi-year PPAs, with capital sourced from a diversified green finance stack including Climate Bond-certified green bonds (USD 410M), syndicated green term loans (USD 400M+ from MUFG, SMBC, ANZ, Westpac and others), perpetual preferred shares, and equity rights offerings supported by Ayala's institutional backing. ACEN's customer segments span commercial and industrial enterprises, government entities, multinational corporations, and residential customers via fintech partnerships. In FY2025, the company reported PHP 32.0 billion in statutory revenue, PHP 22.5 billion in core attributable EBITDA (up 17% YoY), and 7,009 GWh of attributable renewable energy output (up 24% YoY), with total assets reaching PHP 361.8 billion.

Name

ACEN

Legal name

ACEN Corporation

Website

https://acenrenewables.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

501–1,000 employees

Short description

ACEN Corporation is the listed renewable energy platform of Ayala Corporation, developing and operating utility-scale solar, wind, geothermal, and battery storage assets across 7+ Asia-Pacific and North American markets, and supplying renewable electricity to commercial, industrial, government, and multinational customers through long-term PPAs and its ACEN RES retail arm.

Ownership category

akta.pro rank

Product category

Renewable Energy Generation

NAICS

Electric Power Generation (22111), Solar Electric Power Generation (221114), Wind Electric Power Generation (221115), Geothermal Electric Power Generation (221116)

SIC

Electric Services (4911), Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Renewable Energy Infrastructure (FSAAAKAG)

akta.pro secondary industries

Utility-Scale Power Generation Asset Management (EUAEAMAA), Development Management & Owner’s Engineering (Design Basis, Yield, Technical Due Diligence) (EUAMAAAG), Project Finance & Capital Structuring (Debt/Tax Equity/Project Bonds) (EUAMAAAD)

Keywords

• Renewable energy generation
• Solar power projects
• Wind farm development
• Geothermal power
• Battery energy storage

Headquarters

HQ city

Makati

HQ country

Philippines

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Renewable Energy Generation and Sales: ACEN develops, constructs, and operates renewable energy projects (solar, wind, geothermal) and sells the generated electricity through long-term power purchase agreements (PPAs) to utilities, commercial customers, and industrial clients. Revenue is generated from energy sales based on contracted capacities and volumes.
2. Retail Electricity Supply (ACEN RES): ACEN's retail electricity subsidiary supplies renewable energy to commercial and industrial customers in the Philippines under the Green Energy Option Program (GEOP) and Retail Aggregation Program (RAP). Customers sign contracts for renewable energy supply at negotiated rates.
3. Green Project Financing: ACEN raises capital through green bonds, green loans, and sustainability-linked financing instruments to fund renewable energy project development. The company has issued USD and PHP green bonds, perpetual preferred shares, and secured syndicated green term loans from international banks.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

ACEN develops, constructs, and operates utility-scale solar, wind, and geothermal power generation projects integrated with battery energy storage across the Philippines, Australia, India, Vietnam, Indonesia, Laos, and the United States. The company sells the generated electricity through long-term power purchase agreements (PPAs) with utilities and large commercial, industrial, and government customers, and supplies renewable electricity directly to commercial and industrial customers in the Philippines via its ACEN RES retail electricity subsidiary under the Green Energy Option Program (GEOP) and Retail Aggregation Program (RAP).

Product overview

ACEN operates as a diversified renewable energy platform offering solar, wind, geothermal, and battery storage generation assets across the Asia-Pacific region. The company also provides retail electricity supply through ACEN RES, enabling commercial and industrial customers to transition to renewable energy. Key projects include Stubbo Solar and New England Solar in Australia, Monsoon Wind in Laos, Pagudpud Wind and Palauig Solar in the Philippines, geothermal operations in Indonesia, and various solar and wind projects in India and Vietnam. The portfolio is fully transitioned to 100% renewable energy with over 7 GW of attributable capacity as of 2025.

Differentiator

Problem solved

Functional benefit

Brands

• ACEN RES: Retail electricity supply arm of ACEN, enabling businesses to transition to renewable energy in the Philippines
• Yindjibarndi Energy Corporation (YEC)
• ACEN-Silverwolf

Products and services

• Solar Energy Utility-scale solar photovoltaic power generation developed, constructed, and operated by ACEN across the Philippines, Australia, India, Vietnam, and other regions, selling generated electricity to utilities, corporates, and government customers under long-term power purchase agreements.
• Wind Energy Onshore wind farm development and operation across the Philippines (Pagudpud Wind, 160 MW), Lao PDR (Monsoon Wind, 600 MW), Vietnam (Ninh Thuan Wind), Australia, India, and the USA, with electricity supplied to customers under long-term PPAs.
• Geothermal Energy Geothermal power generation supplied through the Salak and Darajat facilities in West Java, Indonesia (with Salak Unit 7, 40 MW expansion under development), providing baseload renewable electricity to Indonesia and contributing to ACEN's 100% renewable portfolio.
• Battery Storage Battery energy storage systems (BESS) integrated with ACEN's solar and wind projects—including the 200 MW New England Energy Storage project in Australia and Philippines BESS installations—to address intermittency and enable dispatchable renewable electricity delivery.
• ACEN Renewable Energy Solutions (ACEN RES) Retail electricity supply enabling commercial, industrial, and government customers in the Philippines to procure 100% renewable energy under the Green Energy Option Program (GEOP) and Retail Aggregation Program (RAP), with a contracted portfolio of 482–508 MW across 753+ customers.

Quantifiable outcome

• 7 GW attributable renewable capacity in operation and under construction as of March 2026
• +4 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Twelve partnerships are on record, tiered minor and core.

• BPI FoundationminorStrategic or Co-development Partner · 28 June 2026Ayala-led Bank of the Philippine Islands (BPI) Foundation partnered with ACEN to bring financial education programs called FinEd Unboxed to communities near ACEN project sites in Luzon. Initiative aims to reach 3,000 direct beneficiaries in Quezon, Laguna, and Zambales provinces.
• Diamond India Renewables One BV (DIRO)minorStrategic or Co-development Partner · 16 June 2026ACEN subsidiary Unlimited Renewables Holdings BV and Amsa Solar Holdco agreed to sell a 49% stake in a 250-MW solar project in Rajasthan, India to Diamond India Renewables One BV. Transaction involves Tejorupa Renewables India Project Pvt Ltd and will be completed in stages.
• Norwegian Offshore Wind DelegationminorStrategic or Co-development Partner · 8 June 202610-company Norwegian offshore wind delegation engaged with Philippine developers including ACEN, Copenhagen Offshore Partners, Triconti ECC Renewables, and Nexif Ratch Energy to identify bottlenecks in supply chain and maritime logistics for Philippines' emerging offshore wind sector.
• Ocean Sun AScoreStrategic or Co-development Partner · 22 May 2026Norwegian floating solar technology firm Ocean Sun and ACEN-Silverwolf (joint venture between ACEN Renewables International and Silverwolf Capital) signed a non-binding MoU to accelerate deployment of utility-scale floating photovoltaic arrays across Asian markets. Ocean Sun provides its patented hydro-elastic membrane technology while ACEN-Silverwolf contributes regional project development expertise.
• Silverwolf CapitalcoreStrategic or Co-development Partner · 22 May 2026Joint venture ACEN-Silverwolf established between ACEN Renewables International and Silverwolf Capital to develop floating solar projects across Asian markets. Silverwolf Capital contributes regional project development expertise.
• Silverwolf CapitalcoreStrategic or Co-development Partner · 22 May 2026ACEN-Silverwolf joint venture targets deployment of utility-scale floating photovoltaic arrays across Asian markets including Vietnam, Malaysia, and Australia, combining Ocean Sun's membrane technology with regional development expertise.
• Lawson PhilippinesminorChannel Partner/ Reseller/ Distributor · 30 April 2026Lawson Philippines entered into retail electricity supply agreement with ACEN RES to transition 25 stores in Metro Manila, Laguna, Cavite, and Bulacan to 100% renewable energy starting May 2026 under the government-backed Retail Aggregation Program.
• Makati City Local GovernmentminorChannel Partner/ Reseller/ Distributor · 19 March 2026Makati City signed a nine-year renewable energy supply agreement with ACEN Corporation to power 154 government buildings and install 19 electric vehicle charging stations.
• UPC RenewablescoreStrategic or Co-development Partner · 1 February 2026ACEN consolidated its Indian operations by buying out UPC Renewables, giving full ownership of over 1,059 MW of operating projects and under construction assets, as well as nearly 7 GW of pipeline projects in India.
• Schneider Electric PhilippinesminorChannel Partner/ Reseller/ Distributor · 7 January 2026APC by Schneider Electric transitioned all five manufacturing facilities in Cavite Economic Zone to run entirely on renewable energy through partnership with ACEN RES under the Philippine government's Green Energy Option Program.
• GenZero and Keppel InfrastructurecoreStrategic or Co-development Partner · 1 August 2024ACEN signed MoU with Temasek affiliates GenZero and Keppel Infrastructure for potential collaboration on the world's first Transition Credits pilot project involving accelerated just transition of the SLTEC coal plant.
• Yindjibarndi Energy Corporation (YEC)coreStrategic or Co-development Partner · 11 May 2023YEC is a partnership between Yindjibarndi Aboriginal Corporation (YAC) and ACEN, forming one of Australia's largest Indigenous-led renewable energy initiatives. YEC aims to develop up to 3 GW of renewable energy capacity in Western Australia's Pilbara region. Jinbi Solar Project (75 MWac Stage 1) is YEC's first project to reach Financial Close with a 30-year PPA with Rio Tinto.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• First Gen Corporation: Philippine-listed power generation company with an expanding renewable portfolio (geothermal, solar, wind). Directly comparable as a domestic IPP pursuing the energy transition with a similar mix of long-term PPAs and Ayala-era strategic investor base.
• Aboitiz Power Corporation: Aboitiz-led Filipino conglomerate power arm operating hydro, geothermal, solar, and wind plants nationally and across SE Asia. Closely matches ACEN's business model of greenfield development, multi-technology renewables, and IPP contract structures within the same Philippine power market.
• Scatec ASA: Norwegian-listed solar, wind, and storage developer/operator with projects across emerging markets including SE Asia. Highly comparable as an internationally diversified, project-development-driven renewable IPP monetizing assets through long-term PPAs.
• Adani Green Energy: One of India's largest renewable IPPs operating multi-GW solar, wind, and hybrid portfolios. Comparable through its APAC pipeline scale, conglomerate backing (Adani Group), and aggressive multi-gigawatt growth trajectory targeting 2030 capacity goals.
• NTPC Green Energy: Subsidiary of India's largest power generator focused on building a renewable platform across solar, wind, and storage. Comparable emerging-market IPP model with utility-style offtakes and a government-linked parent similar to ACEN's Ayala relationship.

Emerging players

• Voltalia: France-listed renewable IPP developing and operating solar, wind, hydro, and storage projects in EMEA and Latin America. Matches ACEN's developer/owner-operator model with a meaningful focus on emerging markets and C&I supply contracts.

Broad incumbents

• Manila Electric Company (MERALCO): Philippines' largest electric distribution utility and a key offtaker-counterparty to ACEN's PPAs. Comparable through its expanding renewable generation arm and its role in the same Philippine electricity market where ACEN RES competes for retail customers.
• ENGIE: Global energy major transitioning from fossil to renewables with a multi-technology portfolio of solar, wind, hydro, storage, and retail electricity supply. Comparable through its APAC project development footprint, BESS pivot, and corporate-PPA-heavy revenue model.
• Enel Green Power: Global renewables arm of Enel operating solar, wind, geothermal, and storage across the Americas, Europe, Africa, and Asia. Highly comparable technology mix (notably geothermal, which ACEN retains) and IPP model with C&I PPA origination.

Regional players

• Nexif Ratch Energy: Bangkok-based renewable developer with wind, solar, and storage projects across Thailand, Vietnam, the Philippines, and Australia. Matched to ACEN through overlapping SE Asian/Australian footprint, project pipeline of similar scale, and collaborative engagement in regional offshore wind development.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ACEnergy2011
• YouTubeyoutube.com/@OfficialACEN
• LinkedInlinkedin.com/company/officialacen
• Instagraminstagram.com/officialacen
• Facebookfacebook.com/officialACEN

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries7 records

Funding overview

Funding rounds5 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ACEN