AC Energy set to invest $1 B in renewable energy

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AC Energy Inc. is set to invest $1 billion in the succeeding year to scale up its renewable energy (RE) portfolio in Australia, Vietnam, Philippines, India, and Myanmar.

“We are looking to build over 1,500 MW of attributable capacity to AC Energy for financial close by 2020. That’s where we’ll deploy the billion dollars,” AC Energy President and Chief Executive Officer Eric Francia was quoted as saying in a Manila Times report.

According to the report, the renewable plants will commence construction in 2020. Australia, on the other hand, will take longer due to “labor restrictions.”

The energy firm is looking at solar and pump hydro plants in Australia, and wind facilities in Vietnam; for India, it is mostly solar, and mini-grids for Myanmar.

Francia also expressed that the company would concentrate on building solar and diesel peaking facilities in 2020.

“Next year will be a significant, a massive investment year for AC Energy as a group kasi this year, we raised a lot of funds. We sold down AA Thermal [Inc.] and we went to the market twice. And then we also are doing stock rights offering at the AC Energy Philippines level,” Francia expressed in the report.

It was disclosed that AC Energy raised around $1.5 billion after selling its thermal platform to AboitizPower Corp. for $572.9 million. The firm has also raised $225 million from its inaugural dollar-denominated senior green bond issuance in January, and launched $400 million worth of US dollar-denominated senior perpetual fixed-for-life green bonds last month.

As of November, the energy firm had a net attributable capacity of over 1,600 MW, of which 600 MW came from renewable energy sources.

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