AC Energy investing $3B in solar, wind ventures

renewables 1

AC Energy (ACEN) will be investing around $3 billion in solar and wind projects to achieve the goal of reaching 5,000 megawatts (MW) of renewable energy (RE) generation capacity by 2025 or even earlier.

The $3 billion investment will include 3,100MW of RE capacity while the equity for the project will be around a third of the total amount, ACEN President and CEO Eric Francia said on Monday. 

Francia added that funding will not be a problem because they have significant cash to fund projects, which is more than enough to get to the 5,000MW target. 

AC Energy raised Php13.1 billion from its follow-on offering (FOO), which was completed on Friday. The money raised from the FOO is part of its Php30 billion target to fund ACEN’s RE projects this year. The Ayala-led power firm generated Php5.37 billion from its stock rights offer last January and another Php11.88 billion from the private placement of Singaporean sovereign fund GIC Private Limited in March.

Francia said the 1,000MW of the 3,100MW RE projects would be constructed within the next six to 12 months, which will be equally split between the Philippines and abroad. This includes the 72MW solar project with Citicore Power in Arayat and Mexico, Pampanga, which is scheduled to commence operation in the first quarter of 2022. 

AC Energy opened its new 63MW solar farm in Palauig, Zambales last April.

ACEN also reported on Friday a 53.7% in net income for the first quarter of 2021 to Php829.32 million from Php539.58 million in the same period last year.

Comments

comments




There are no comments

Add yours

%d bloggers like this: