Acen, the listed energy company of the Philippines’ Ayala Group, implemented the world’s first market-based Energy Transition Mechanism and reached financial close in November 2022. The transaction involved the divestment of the 246MW South Luzon Thermal Energy Corporation (SLTEC) coal plant, with a commitment to retire it by 2040 — halving its typical technical life of 50 years — and transitioning to renewable energy technology.
Mitsubishi Corporation and its subsidiary, Diamond Generating Asia (DGA), have joined Acen, GenZero and Keppel in exploring a potential collaboration to retire a 246-megawatt (MW) coal-fired power plant in the Philippines and replace its generation output with clean and reliable energy.
According to a May 7 announcement, Mitsubishi and DGA have formally entered the collaboration by signing a deed of accession to a memorandum of understanding (MOU) established in August 2024 between Acen, GenZero and Keppel.
