ACEN executes deals with InLife, ETM for energy transitionMANILA, Philippines — ACEN Corp. has executed option agreements with The Insular Life Assurance Co. Ltd. (InLife) and ETM Philippines Holdings Inc. as part of the company’s overall energy transition mechanism to enable more renewables. ACEN last July approved the divestment of all its shares in SLTEC, through energy transition financing. The shares will be acquired by ETM Philippines and InLife for P3.7 billion. ETM Philippines is a special purpose vehicle that allows financial investors to invest in energy transition by accelerating the retirement of coal-fired power plants, and to fund the development of new clean energy technologies. Through the energy transition mechanism, SLTEC’s coal power plant will be decommissioned by 2040, 15 years ahead of the end of its technical life and transitioned into cleaner technology.

Source: Philippine Star October 25, 2022 20:32 UTC