Latest news with #ACEN
Yahoo
6 days ago
- Business
- Yahoo
Energy Transition Update - Philippines Offshore Wind Project: A Major Sustainable Energy Leap
Copenhagen Infrastructure Partners and ACEN have announced a partnership to develop the first large-scale offshore wind project in the Philippines, located near San Miguel Bay in Camarines Sur. With a potential installed capacity of up to 1 GW, this initiative marks a significant step in harnessing the country's offshore wind resources, aiming to meet growing energy demand with sustainable power. The project, supported by strategic site conditions and a strong local partnership, underscores a commitment to accelerate the energy transition in the Philippines. Currently in its pre-development stage, it awaits regulatory approvals and anticipates participation in the upcoming Department of Energy's Green Energy Auction. In other trading, was a notable mover up 9.6% and finishing the session at HK$11.64. In the meantime, lagged, down 6.3% to finish the session at $64.23. A. O. Smith is leveraging strategic expansion and operational optimizations to potentially enhance profitability despite external pressures. Discover the full narrative on how these initiatives could impact the company's financial future. For more on this topic, don't miss our Market Insights article, "Automakers Caught In The Tariff Crossfire," which explores the intricate challenges faced by automakers amid shifting markets and tariffs. Get in fast before the landscape changes. closed at $156.45 up 0.5%. ended the day at $136.02 down 1.3%, hovering around its 52-week low. This week, Chevron amended its corporate bylaws to allow officer exculpation following stockholder approval. finished trading at $356.90 down 1.7%. Reveal the 156 hidden gems, such as Bharat Heavy Electricals, Wärtsilä Oyj Abp and EMCOR Group, among our Energy Transition Stocks screener with a single click here. Interested In Other Possibilities? We've found 17 US stocks that are forecast to pay a dividend yeild of over 6% next year. See the full list for free. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sources: Simply Wall St "Copenhagen Infrastructure Partners and ACEN to team up on the Philippines' first large-scale offshore wind project" from Copenhagen Infrastructure Partners on GlobeNewswire (published 29 May 2025) Companies discussed in this article include SEHK:412 NasdaqGS:FSLR NYSE:CVX NasdaqGS:TSLA and NYSE:AOS. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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GMA Network
6 days ago
- Business
- GMA Network
ACEN takes 25% of Camarines Sur offshore wind project
Ayala Group's listed energy platform ACEN Corp. has inked an agreement to acquire a 25% minority stake in Copenhagen Infrastructure Partners' (CIP) Camarines Sur offshore wind project, which has a potential capacity of 1 gigawatt (GW). In a regulatory filing, ACEN said it signed definitive agreements with CIP's Growth Markets Fund II for the minority stake in the project that will be located close to the coast of San Miguel Bay in Camarines Sur, with abundant wind resources and shallow water depths. 'Offshore wind is poised to play a vital role in diversifying the country's energy mix. ACEN is pleased to partner with CIP, a global leader in the offshore wind sector. We look forward to collaborating on this trailblazing initiative,' ACEN president and chief executive officer Eric Francia said. The parties did not disclose the transaction value but said the acquisition is subject to applicable regulatory approvals. The project is in its pre-development stage, in anticipation of the Department of Energy's fifth round of the Green Energy Auction. 'Together with CIP's offshore wind expertise, we believe that ACEN's experience and domestic and international track record in project execution and stakeholder management will set a strong foundation for successful development of the Camarines Sur offshore wind project, including anticipated participation in the upcoming first offshore wind auction,' CIP's Growth Markets Fund II partner Robert Helms said. 'We are also working towards the ambition of making this one of the first operational offshore wind projects in the Philippines in line with the offshore wind targets set by the current Philippine administration,' he added. Founded in 2012, CIP manages 13 funds and has raised some €32 billion for investments in energy and association infrastructure from some 180 international institutional investors, with projects in over 30 countries. ACEN ended the first quarter of 2025 with a P2.083-billion net income, down from P2.935 billion the same quarter last year, as revenues fell to P7.767 billion from P9.853 billion amid the lower generation in the Philippine market. —VBL, GMA Integrated News
Globe and Mail
6 days ago
- Business
- Globe and Mail
Copenhagen Infrastructure Partners and ACEN to team up on the Philippines' first large-scale offshore wind project
COPENHAGEN, Denmark, May 29, 2025 (GLOBE NEWSWIRE) -- The project is set to become one of the Philippines' first offshore wind projects with a potential installed capacity of up to 1 GW, and this milestone underscores the two companies' commitment to unlocking the country's untapped offshore wind resource to accelerate the country's energy transition. Copenhagen Infrastructure Partners and its Growth Markets Fund II has sought a local partner with deep expertise in stakeholder management to advance the project. ACEN, with its strong credentials in renewable energy, brings the necessary experience to complement CIP's technological expertise. The collaboration between the two companies is poised to establish a benchmark for offshore wind in the region and unlock further potential for large-scale clean energy projects. Positioned as among the most advanced offshore wind initiatives in the country, the project, located near the coast of San Miguel Bay in Camarines Sur, leverages strategic site conditions, including abundant wind resources, shallow water depths to mitigate offshore wind challenges, and close proximity to the shore and the nearest substation. Its in-bay location also presents a lower typhoon risk, further ensuring stability in operations. The project is currently in its pre-development stage in anticipation of the Department of Energy's 5th round of the Green Energy Auction (GEA-5) and will be subject to relevant regulatory approvals. It will play a crucial role in strengthening the Luzon grid and meeting the Philippines' rising energy demand with sustainable power. Robert Helms, Partner at CIP's Growth Markets Fund II, said: 'We are delighted to enter into this landmark partnership with ACEN, one of the most experienced renewable energy developers in the Philippines. Together with CIP's offshore wind expertise, we believe that ACEN's experience and domestic and international track record in project execution and stakeholder management will set a strong foundation for the successful development of the Camarines Sur offshore wind project. This includes anticipated participation in the upcoming first offshore wind auction. We are also working towards the ambition of making our project one of the first operational offshore wind projects in the Philippines in line with the targets set by the current Philippine administration.' Eric Francia, President and CEO of ACEN, said: 'Offshore wind is poised to play a vital role in diversifying the country's energy mix. ACEN is pleased to partner with CIP, a global leader in the offshore wind sector. We look forward to collaborating on this trailblazing initiative.' About Copenhagen Infrastructure Partners Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world's largest dedicated fund manager within greenfield energy investments. The funds managed by CIP focus on investments in offshore and onshore wind, storage, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, advanced bioenergy, and Power-to-X. CIP manages 13 funds and has to date raised approximately EUR 32 billion for investments in energy and associated infrastructure from approximately 180 international institutional investors. CIP has projects in more than 30 countries and more than 2500 employees across platforms. For more information, visit About ACEN ACEN (PSE:ACEN), the Ayala group's listed energy platform, is one of the fastest-growing renewable energy platforms in Asia Pacific, with the Philippines as its core and largest market. It also has a significant presence in Australia, Vietnam, India, and Lao PDR, along with strategic investments in Indonesia and other markets. The company currently has ~7 GW of attributable renewable energy capacity spanning operational, under-construction, and committed projects. As a developer, builder, and operator, ACEN leverages its agility and collaborative approach to accelerate the energy transition. Committed to unlocking access to clean, reliable, and affordable renewable energy, the company is on track to achieve 100% renewable energy generation by 2025 and reach Net Zero greenhouse gas emissions by 2050—turning bold ambitions into real impact for businesses, communities, and indigenous groups. For further information, please contact: E-mail: media@
Reuters
22-05-2025
- Business
- Reuters
Vietnam retroactively cuts subsidies for some solar, wind farms, investors' letter says
HANOI, May 22 (Reuters) - Vietnam's state power utility has cut previously agreed subsidised prices it pays for electricity from some solar and wind farms which now risk defaulting on their debts with banks, according to an investors' petition seen by Reuters. The document, dated May 16 and sent to Vietnam's top authorities, follows a first letter in which most of the same signatories warned of billions of dollars of investment at risk because of retroactive changes to subsidies implemented by Vietnamese authorities even as they target a massive expansion of renewables capacity. Starting with January invoices, a subsidiary of Vietnam's power utility EVN "unilaterally withheld a portion of its payments by applying a provisional tariff of its own proposal," the document said. "This has caused us to breach commitments to banks and both local and international lenders, face the risk of default under pressure of monthly debt repayments, and suffer cash shortages," it added. Among the 16 foreign signatories are private equity fund Dragon Capital, the Vietnamese subsidiary of Philippines' ACEN ( opens new tab energy group, and investors from Thailand, Portugal, the Netherlands, South Korea, Singapore and China. Dozens of other Vietnamese projects also signed the letter. In recent years, the Southeast Asian country has experienced a boom in renewable energy investments driven by generous feed-in tariffs (FiTs), under which the state committed to buying electricity for 20 years at above-market prices, effectively subsidising producers. However, amid allegations of abuses in accessing the FiTs and increasing losses for EVN from the subsidy programme, authorities have proceeded to freeze or cut some subsidies. EVN had no immediate comment on the second petition but it has told Reuters in recent weeks that preferential prices could not be continued for projects that violated regulations. It did not specify whether rules were changed retroactively and which projects were in breach of regulations.
Time of India
08-05-2025
- Business
- Time of India
New carbon credit scheme targets 60 plants by 2030 for coal phaseout
Singapore: The Rockefeller Foundation aims to sign up 60 projects by 2030 to a new carbon finance scheme for phasing out coal-fired power in developing countries, it said on Wednesday, after its rulebook was given the go-ahead. Around 2,000 coal-fired power plants need to be decommissioned from now until 2040 in order to meet global climate targets, the International Energy Agency says, but only 15 per cent are covered by decommissioning pledges. The Rockefeller Foundation's Coal to Clean Credits Initiative (CCCI) is one of several schemes under development that aim to use carbon finance to help close them earlier than scheduled and replace them with renewable power. "That target of 60 projects by 2030 is our overall goal, our ambition," said Joseph Curtin, who runs the Rockefeller Foundation's "coal to clean" programme. In Singapore on Tuesday, carbon standards organisation Verra launched CCCI's methodology for determining which projects are eligible and how emission reductions from early coal plant shutdowns will be calculated, allowing them to generate carbon credits. The first project to use the methodology will be the South Luzon Thermal Energy Corporation (SLTEC) plant in the Philippines, with the transaction expected to be completed next year. "Obviously if we can close one transaction - and we're getting much closer - we think that will have a very strong impact on the market and will hopefully reverberate across the region and send a signal that this is indeed possible." Curtin said his team has identified around 1,000 coal-fired plants in developing countries that would be eligible under the methodology. The 60 project target could attract $110 billion in public and private investment by 2030, he said, citing research commissioned by the foundation. The early retirement of SLTEC is backed by Philippine energy firm ACEN together with Singapore clean investment group GenZero, the infrastructure conglomerate Keppel, Japan's Mitsubishi and its subsidiary Diamond Generating Asia. Revenue from carbon credits will be used to cover foregone cashflows brought about by the closure, help pay for the energy storage needed to support renewables and protect the interests of local workers and communities, said Eric Francia, ACEN's chief executive. CCCI went through seven rounds of consultations on its methodology, partly to allay concerns of environmental groups, who say carbon finance should not be used to bail out coal asset owners. "The risk with this is how do you determine you are not giving finance to something that was a stranded asset, that wasn't going to be viable in the future?" said Jonathan Crook of Carbon Market Watch, a research group. The CCCI initiative's criteria will only select projects that are profitable and owned by companies or countries that have made firm "no new coal" commitments, said Curtin. While there is a moratorium on new coal plants in the Philippines, new facilities approved before the ban are still expected to come on line in the next few years. But the early retirement of SLTEC would still deliver progress on the energy transition, ACEN's Francia said. "Of course we need to manage the perception, which is admittedly not good, but we look at the substance, and that is really the equation here," he said.
