GenZero join Mitsubishi, ACEN, and Keppel to explore Philippine coal transition

The partnership aims to evaluate the feasibility of leveraging Transition Credits.

GenZero has joined Mitsubishi’s subsidiary, Diamond Generating Asia, Limited (DGA), ACEN, and Keppel to replace the generation output of a 246-megawatt coal-fired power plant in the Philippines with clean energy.

The partnership aims to evaluate the feasibility of leveraging Transition Credits through an initiative that demonstrates how financial mechanisms can accelerate the early retirement of coal-fired power plants.

Mitsubishi and DGA's participation enhances access to the Japanese market, which plays a significant role in global decarbonisation efforts and could support the emissions trading scheme in Japan.

In 2024, Mitsubishi and DGA entered into the collaboration by signing a deed of accession to the memorandum of understanding (MOU) established between ACEN, GenZero, and Keppel.

Meanwhile, ACEN implemented the world's first market-based Energy Transition Mechanism which involved the divestment of the 246 MW South Luzon Thermal Energy Corporation (SLTEC). ACEN now seeks to accelerate SLTEC's retirement target to 2030.