ACE Enexor, Inc. (ACEX) and Gen X Energy L.P. is set to acquire 50% each of shares in Batangas Clean Energy, Inc. (BCE), subject to clearance from the Securities and Exchange Commission.

In a disclosure to the Philippine Stock Exchange on Tuesday, ACEX said that a shareholders’ agreement, if finalized, will allow the company to develop and eventually co-own and operate a 1,100-megawatt (MW) combined cycle power plant in Batangas. The plant will use either natural gas or green hydrogen for fuel.

ACEX said the company will subscribe to a 50% interest in BCE, equivalent to 150,002 shares with a total subscription price of about P150.22 million.

The listed firm’s real estate affiliate, Buendia Christiana Holdings Corp. (BCHC), is also set to assign its option to lease the potential site of the power plant to BCE.

The joint venture was approved by the respective boards of the companies involved, and was disclosed on Nov. 12.

ACEX, a subsidiary of Ayala-led ACEN Corp., is involved in the exploration and production of crude oil and natural gas.

ACEN currently has a total of 2,900 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia. Up to 80% of that capacity is said to be comprised of renewable energy.

It is also one of the energy companies in the country that committed to achieve net-zero greenhouse gas emissions by 2050.

Meanwhile, Gen X Energy is a portfolio company of alternative asset management firm Blackstone, Inc.

Shares in ACEX at the stock exchange went up by 2.52% or 55 centavos on Tuesday to close at P22.40 apiece. — Bianca Angelica D. Añago