ACEN drops nearly 5 GW of solar and wind projects in Philippines as it pivots to execution and capital efficiency
Ayala-led renewable energy producer ACEN Corp. has surrendered 13 service contracts covering nearly 5 GW of proposed solar and wind projects in Luzon. The move is part of a strategic shift from rapid expansion toward focused execution and capital efficiency, and aligns with the Department of Energy'
Ayala-led renewable energy producer ACEN Corp. has relinquished 13 service contracts covering nearly 5 gigawatts (GW) of proposed solar and wind projects in Luzon, as it shifts its investment priorities from rapid expansion toward project execution and capital efficiency. The company voluntarily surrendered seven solar and six wind energy service contracts as part of a broader review of its development pipeline, according to its regulatory disclosure on Thursday.
Among the largest affected developments are the proposed 1,248-megawatt (MW) Manila Bay wind farm, the 1,024-MW Calatagan offshore wind farm, the 420-MW East Ecija wind farm, and the 300-MW Zambales North wind farm. The solar projects include the proposed 822.8-MW Masinloc solar farm in Zambales, a 300-MW solar farm in Rizal, and a 200-MW floating solar project, also in Rizal.
ACEN said the relinquished projects were in the early stages of development and had not reached final investment decisions. The company added that the relinquishments have no material impact on its operations and are consistent with the Department of Energy’s (DoE) ongoing service contract cleanup initiative. The DoE has been reviewing renewable energy service contracts as part of efforts to address delays in project development, and since 2024 has cancelled contracts covering nearly 18 GW of proposed capacity.
ACEN President and Chief Executive Officer Eric T. Francia said the company is becoming more selective in allocating capital and resources, prioritising projects that can be successfully developed and completed. “Our focus is shifting from rapid expansion to focused execution, capital efficiency, and business resilience,” he said. The move comes as ACEN reviews its portfolio following a decade of expansion, during which its attributable renewable energy capacity grew from about 100 MW in 2016 to approximately 7.48 GW across the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States.
Industry observers noted the shift could allow ACEN to allocate resources more efficiently. China Bank Capital Corp. Managing Director Juan Paolo E. Colet said relinquishing some contracts could reduce ACEN’s development pipeline and temper its growth trajectory, but could also position the company better for future opportunities. Globalinks Securities and Stocks, Inc. Head of Sales Trading Toby Allan C. Arce said the decision should not necessarily be interpreted as a retreat from renewable energy expansion, but rather as a shift toward more selective project development.
The portfolio review comes as ACEN reported an attributable net loss of P609.25 million for the third quarter, reversing a P1.03-billion profit a year earlier, following additional costs related to wind turbine removal and solar farm cable repairs. For the first nine months of 2026, the company’s consolidated net income rose 84% to P3.3 billion, supported by higher renewable energy generation across its markets.
As part of its organisational realignment, ACEN has appointed Roman Miguel G. de Jesus as chief executive officer of ACEN Philippines, effective 1 Jan 2027. The company also appointed Ma. Cecilia T. Cruzabra as group chief financial officer and Theodore Ivan Paris as group treasurer, both effective 1 Jan 2027. Mr. Francia will remain president and chief executive officer of listed parent company ACEN. On Thursday, ACEN shares fell 8.05% to close at P2.40 apiece.
