ACEN Corp. (ACEN) has begun the process of transitioning the Southern Luzon Thermal Energy Corp. (SLTEC) power plant in Calaca, Batangas to renewable energy with the execution of option agreements between itself and the Insular Life Assurance Co. Ltd. (InLife) and ETM Philippines Holdings Inc. (ETM).

This involved the issuance of SLTEC shares to the two investors, which entitle both and ACEN to exercise call and put options, based on certain pre-agreed conditions, to enable the early retirement of the coal-fired plant by 2040 and shift to cleaner technology.