ACEN infusing additional P859 million capital into JV with Citicore Solar

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December 11, 2025 | 12:00am

MANILA, Philippines —  Ayala-led ACEN Corp. is injecting additional funding amounting to P859.11 million into Greencore Power Solutions 3 - a joint venture with tycoon Edgar Saavedra’s Citicore Solar Energy Corp. (CSEC).

This follows the parties’ execution of a subscription agreement covering P2.41 million worth of common A shares and P856.7 million worth of redeemable preferred shares of Greencore 3.

The transaction is awaiting approval from the Securities and Exchange Commission for Greencore 3’s planned authorized capital stock hike, with ACEN subscribing to additional shares to maintain its 45-percent ownership.

Greencore 3 will use the proceeds from the subscription to partially settle its outstanding loan obligations to the Ayala Group’s listed energy platform.

Earlier, Greencore 3 tapped a P4.7-billion loan from ACEN to bankroll the development and operation of a 115.67-megawatt (MW) solar farm straddling the municipalities of Arayat and Mexico in Pampanga.

As previously disclosed, the solar facility is projected to provide clean power to around 19,000 homes and displace about 51,000 metric tons of carbon emissions annually.

Greencore 3 completed the first 72 MW of the project in 2022, followed by an additional 43 MW expansion a year later.