THE Southern Luzon Thermal Energy Corp. (SLTEC) partially redeemed ACEN Corp.'s (ACEN) 32 million preferred shares with a par value of P100 per share, amounting to P3.2 billion as part of ACEN's availing of an energy transition mechanism provided by the Asian Development Bank (ADB) for the early retirement of coal-fired plants and convert them to renewable energy.
In a disclosure to the Philippine Stock Exchange (PSE), ACEN said its board of directors approved the action last Oct. 18, 2022, which will result in the early retirement of SLTEC's 246-megawatt (MW) coal-fired plant located in Calaca, Batangas by 2040 or 15 years ahead of the end of its technical life.
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