ACEN gives up renewable energy contracts and names Philippine chief

ACEN Corp. has surrendered renewable energy service contracts covering nearly five gigawatts as it narrows its investment priorities and concentrates on executing projects. The Philippine company also announced a leadership reorganisation, with COO Roman Miguel de Jesus appointed to head its Philippine business.

At least 12 early-stage solar and wind developments are affected, with 11 subsidiaries abandoning their project plans. They include Gigawind5 Inc.’s 1,248-MW Manila Bay Wind and Giga Ace 7 Inc.’s 1,024-megawatt Calatagan Offshore Wind. Solar projects dropped include Adlao Energy Corp.’s 823-MW Masinloc Solar and AC Subic Solar Inc.’s 300-MW Rizal Solar.

Eric Francia, ACEN’s president and CEO, said the company would direct capital and resources more selectively towards projects it is best placed to deliver. Other developers could pursue opportunities ACEN was not advancing, he said. The group is also giving greater priority to energy storage development.

ACEN said the portfolio changes would not materially affect its operations. Francia said the company remained committed to the energy transition, with more emphasis on meeting existing commitments.

De Jesus takes over as ACEN Philippines president and CEO on Jan. 1, 2027. He has been COO since 2025 and led the establishment of the group’s retail electricity business in 2016. Francia will continue leading listed ACEN as president and CEO.

The reorganisation also names Ma. Cecilia Cruzabra as group chief financial officer and Theodore Ivan Paris as group treasurer. Patrice Clausse will lead ACEN Investments, responsible for international investments and operations in India, while Jose Maria Zabaleta will head ACEN Australia.