ACEN’s P30 billion share sale still ‘on the table’

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January 28, 2026 | 12:00am

MANILA, Philippines — Ayala-led ACEN Corp. may finally proceed with its previously deferred P30-billion stock rights offering (SRO) as early as July to strengthen its war chest for aggressive expansion.

“Hopefully, we’ll be making a decision maybe in the second quarter on the latest plans for capital raising, but it’s (SRO) on the table,” ACEN president and CEO Eric Francia said in a recent interview.

He said the company is set to reassess its planned fundraising activity to align with the timing of its capital spending.

“Because of our pace of capital deployment, we are looking at the second half of this year for the next capital raising,” he noted.

ACEN initially targeted completing the SRO in September 2025, but the move was put on hold due to the revised schedule of the group’s capital expenditures across several markets in Southeast Asia.

SRO is a capital-raising activity that allows existing shareholders of a publicly listed company to buy additional shares, usually at a discounted price.

For this planned share sale, ACEN plans to use the proceeds to support the development of its renewable energy projects in the Philippines and abroad, as well as finance its maturing obligations.

“It’s still for growth capital for sure. The mix may change depending on the projects that we end up prioritizing for this year,” Francia said.

For 2026, the company has programmed over P80 billion for capital spending, the bulk of which would be earmarked for its domestic projects.

In the Philippines, ACEN jacked up its budget to at least P60 billion to bankroll major projects, including wind, solar and battery energy storage systems.

Globally, the listed firm boasts around seven gigawatts of project portfolio, of which approximately 4.3 GW are already operational.

This is expected to increase to more than five GW before the year ends, Francia said.