ACEN Corp. on Monday said that two of its subsidiaries have relinquished their solar contracts mainly because of difficulties in proceeding with their current projects.
“Some subsidiaries have voluntarily relinquished their Solar Energy Operating Contracts, or SEOCs. The first was Abagat Energy Corp.’s SEOC No. 2024-08-938, which covered an area in Pagbilao, Quezon, was surrendered on Sept. 11, 2026 due to significant land acquisition challenges affecting the project site,” ACEN said in a disclosure.
“Another one was SolarAce2 Energy Corp.’s SEOC No. 2021-05-582, which covered an area in Botolan, Zambales, was surrendered on Sept. 17, 2026 due to site access constraints,” it added.
ACEN said despite these setbacks, the cancellation of these service/operating contracts has no material effect on its operations.
The projects were said to be in the early stages of development and no final investment decision has been made.
Likewise, both of the subsidiaries have not started any commercial operations.
ACEN share price fell by 7 centavos to P2.80 each on Monday.
Ed Paolo Salting
