Ayala group sets exit from coal power with GSIS fund investment

The Government Service Insurance System (GSIS) has invested P2.2 billion in the Energy Transition Mechanism (ETM) initiative for the 244-megawatt power plant of South Luzon Thermal Energy Corp., enabling the Ayala group to fully divest from coal-fired assets.

Through the ETM for SLTEC, the GSIS subscribed to 8.98 percent redeemable preferred shares of SLTEC, owned by the latter’s parent firm ACEN Corp.

The proceeds will allow the Ayala group’s power generation arm to transition into a fully renewable energy supplier.

In effect, GSIS’s investment will provide bridge financing to support ACEN’s transition to reach Net Zero greenhouse gas emissions by 2050, transition its generatio…

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