# ACEN Commits P3 Billion to Giga Ace 8 for Palauig Solar 2 and Battery Storage

> ACEN subscribed to 300 million preferred shares in Giga Ace 8 for P3 billion, funding a 300-MWp solar park and 520-MWh battery system in Zambales.

- Published: 2026-10-17T00:03:51+00:00
- Section: Funding
- Author: News Desk
- URL: https://newsforagent.com/news/2026-10-17/acen-giga-ace-8-palauig-funding
- Source: [Inquirer](https://business.inquirer.net/616250/acen-earmarks-p3b-to-support-palauig-solar-park-battery-projects)

## Key takeaways

- ACEN committed an additional P3 billion to Giga Ace 8 through 300 million Redeemable Preferred Shares "A" at P10 par value.
- The funds support the 300-megawatt-peak Palauig Solar 2 project and the 520-megawatt-hour Palauig 2 Battery Energy Storage System.
- ACEN must pay P2 billion on signing, with the remaining P1 billion payable on demand by Giga Ace 8.

[ACEN](https://akta.pro/company-profiles/0002hjz/acen) Corp. committed an additional P3 billion to its wholly owned subsidiary Giga Ace 8 Inc. to finance construction of the Palauig Solar 2 and battery energy storage projects, the company said in a disclosure. The [Inquirer](https://business.inquirer.net/616250/acen-earmarks-p3b-to-support-palauig-solar-park-battery-projects) reported the subscription agreement covers 300 million Redeemable Preferred Shares "A" at a par value of P10 each.

## ACEN's Subscription Terms for Giga Ace 8

The funds will support construction of the 300-megawatt-peak Palauig Solar 2 project and the 520-megawatt-hour Palauig 2 Battery Energy Storage System. Giga Ace 8 is the special purpose vehicle currently constructing both projects.

Under the agreement, ACEN must make an initial payment of P2 billion upon signing. The remaining P1 billion will be payable in full or in tranches upon demand by Giga Ace 8, depending on the subsidiary's funding requirements and exigencies, subject to approval by its board of directors.

The preferred shares will be issued from an increase in Giga Ace 8's authorized capital stock. Closing requires full payment of the subscription price and Securities and Exchange Commission approval of the capital increase. The additional shares represent 31.5 percent of Giga Ace 8's total outstanding shares, assuming regulatory approval of the capital increase, and the project company remains a wholly owned ACEN subsidiary.

ACEN's board approved the transaction on March 9, 2026. The company said proceeds from the infusion would replace the funding arrangement disclosed on September 4, when ACEN said it was lending to Giga Ace 8 up to P3.24 billion for the Palauig 2 project, located in Barangays Salaza and Bulawen in Palauig, Zambales.

## ACEN's Funding Record and Capacity Targets

According to akta.pro [company records](https://akta.pro/company-data), ACEN has five funding rounds on record, including a $144 million post-IPO debt round in September 2026, a post-IPO debt round with three investors in May 2025, a $100 million post-IPO debt round led by MUFG Bank in December 2023, and a $412.9 million post-IPO debt round in January 2023. The same records list total funding of $1.1 billion and an attributable renewables capacity of 7 GW as of March 2026, with a strategic goal to reach 20 GW by 2030.

| Date | Round | Amount |
| --- | --- | --- |
| 2026-09 | Post-IPO debt | $144 million |
| 2025-05 | Post-IPO debt | Not stated |
| 2023-12 | Post-IPO debt | $100 million |
| 2023-01 | Post-IPO debt | $412.9 million |

## ACEN's Recent Funding for Zambales Projects

On September 5, 2026, the Inquirer reported that ACEN lent up to P6 billion to Sanmar Solar for a 500-MW BESS project and P3.24 billion to Giga Ace 8 for a 300-MW solar project, totaling over P9 billion. On September 8, 2026, Renewablesnow reported that ACEN announced short-term financing of up to PHP 6 billion for solar and battery projects in Zambales, to build a 500-MW/1,000-MWh battery storage system and a 300-MWp solar park, with completion expected by 2027. On October 6, 2026, BusinessWorld Online reported that ACEN secured a €50-million term loan from ING Bank to finance renewable energy projects and general corporate purposes.

## Giga Ace 8 Closing Conditions

The closing of the transaction requires full payment of the subscription price and Securities and Exchange Commission approval of the capital increase, the company said.

## Companies in this story

- [ACEN company profile](https://akta.pro/company-profiles/0002hjz/acen) · website: https://www.acenrenewables.com

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