AYALA-LED ACEN Corp. has completed divesting its stake in a 246-megawatts (MW) coal-fired power plant subsidiary South Luzon Thermal Energy Corp. (SLTEC) through a mechanism that funds the transition from coal to renewables. READ
In a disclosure on Monday, ACEN said the move will allow the early retirement of the coal plant in Batangas, bringing the company closer to its target of 100% renewable energy generation by 2025 and its transition to cleaner technology by 2040.
ACEN’s divestment from SLTEC is said to be the world’s first ETM deal. Through the mechanism, the coal plant’s operating life of up to 50 years will be cut in half, which will help to reduce about 50 million metric tons of carbon emissions, the company said. “Our priority is to find ways to grow and sustain our funds to ensure that we are able to provide our over two million members and pensioners their benefits. We also fully support investments that prioritize optimal environmental, social, and governance factors or outcomes consistent with our corporate social responsibility,” said Jose Arnulfo A. Veloso, president and general manager of GSIS, in a media release.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ACEN secures P17.4-b deal to retire 246-MW coal plantACEN said the landmark transaction would enable the early retirement of the 246-megawatt coal plant in Batangas province. READ:
Read more »
Andrin, Kenyan Chipsiror rule Metro’s 21K half marathonCEBU CITY, Philippines — Cherry Andrin and Kenyan Eric Chipsiror ruled the 21-kilometer half marathon of the Metro 40 Ruby Fun Run on Sunday, Nov. 6, 2022, at the Ayala Center Cebu
Read more »
San Miguel unit starts tender offer for minority shares in Eagle Cement - BusinessWorld OnlineA UNIT of San Miguel Corp. (SMC) started on Monday the mandatory tender offer to the minority shareholders of Eagle Cement Corp. after it agreed to acquire the stake held by the latter’s main owners. READ
Read more »
Firm tests P1.2-B Cebu bulk water projectWater management solutions provider JE Hydro and Bio Energy Corp. (Jehbec) will commence partial commercial operations of its P1.2-billion bulk water project that would provide additional supply to
Read more »
SSS, RCBC launch UMID pay cardsThe Social Security System and Rizal Commercial Banking Corp. have partnered to make every SSS member, including the farmers and fisher folk, become part of the financial system through the UMID pay cards at the SSS main office in Quezon City. READ:
Read more »