MANILA, Philippines — South Luzon Thermal Energy Corp. (SLTEC) has redeemed P3.2-billion worth of preferred shares owned by ACEN Corp. as part of the energy transition mechanism, which will enable the early retirement of the company's coal power plant in Batangas. SLTEC is a wholly owned subsidiary of ACEN, which owns and operates a 246-megawatt (MW) circulating fluidized bed thermal power plant in Calaca, Batangas. SLTEC's redemption of its 32 million preferred shares from ACEN will enable the return of P3.2 billion in capital to ACEN, which the Ayala Group's listed energy platform can use to fund new renewable energy investments. ACEN said redemption of the remaining 3.83 million preferred shares in SLTEC is expected to close by end of the year.