Acen targets $835 million to fuel renewables expansion

Renewables developer Acen, a key player in the Australian energy transition, is returning to the capital market with plans to raise almost $835 million to fuel its expansion and investment in the clean energy sector as it seeks to almost triple its renewable energy capacity to 20 GW by 2030.

April 28, 2025 David Carroll

Image: ACEN

Acen, the listed energy platform of Philippines-headquartered conglomerate Ayala Group, announced that its board of directors has given the green light to pursue a stock rights offer (SRO) aimed at raising up to $835 million (Php 30 billion) in fresh capital to build new solar, wind, battery energy storage and pumped hydro projects.

In a disclosure to the Philippine Stock Exchange and the Securities and Exchange Commission, Acen said the offer will allow eligible investors to acquire new shares in the company.

The offer is subject to final regulatory approvals and favourable market conditions but Acen Chief Financial Officer Jonathan Back said the group hopes to complete the fundraising by September.

The announcement comes just weeks after Acen successfully closed a $750 million financing package to support the continued development of its pipeline of renewable energy projects in Australia.

Acen President and Chief Executive Officer Eric Francia said the capital raised through the SRO would be used to finance the company’s maturing obligations and support the further expansion of its renewable energy portfolio.

“The primary focus will be about supporting renewable expansion,” he said, adding that the company is committed to leading the energy transition push in the Philippines and across the Asia-Pacific region.

“We will remain steadfast with our purpose and aspirations, notwithstanding the global headwinds and noise besetting sustainable initiatives.”

Acen plans to scale up its attributable renewables capacity to 20 GW by 2030 from the current portfolio of 7 GW spanning operational, under-construction and committed projects in the Philippines, Vietnam, India, Laos and Australia which it has identified as a key market.

In his stockholders’ address, Francia highlighted the company’s recent achievements in Australia, including achieving full operations for the 521 MW first stage of the New England Solar Farm in New South Wales (NSW) and the start of construction of a 200 MW / 400 MWh battery energy storage system to complement the solar farm.

Francia also said construction of the 520 MW Stubbo Solar Farm in NSW is nearing completion, with the plant expected to reach full operations later this year, while the Phoenix Pumped Hydro project, planned for NSW, was awarded a Long-Term Energy Service Agreement (LTESA) under that state’s Electricity Infrastructure Roadmap.

Acen Chairman Cezar Consing said the pipeline of projects in Australia, and in other key markets, supports the company’s growth trajectory and underscores its commitment to driving energy transition.

“While the global renewable energy sector has faced headwinds, including the prospect of elevated interest rates and shifting energy policies – particularly in the United States – we believe the sector’s long-term fundamentals remain intact,” he said.

“In fact, we continue to see robust momentum in key markets such as the Philippines, Australia, and India, where supportive policies and strong market demand continue to drive renewable energy growth. We remain steadfast and focused as we navigate these evolving dynamics.”

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.