AC Energy (ACEN) is working on nearly 12 gigawatts (GW) worth of renewable energy (RE) projects, more than twice its 2025 target of five GW, as it aims to become Southeast Asia’s largest listed RE platform.
ACEN President and CEO Eric Francia said at COL FInancial’s briefing on Monday that the 12GW of projects put the Ayala-led firm in a great position to realize its long-term goals. Most of the projects it intends to launch in 2021 are composed of solar and wind platforms.
Majority of the projects are located in Australia with 5,200 megawatts (MW), followed by the Philippines with 3,400MW, Vietnam with 2,400MW, and 900MW in India and other Asia-Pacific countries.
Under the 12GW projects in the pipeline, 1,000MW are targeted for financial close in the next six to 12 months, putting the firm more than halfway to achieve its goal.
ACEN is looking forward to securing regulatory approval for the infusion of international assets before the year ends.
The Ayalas’ power arm is currently holding its follow-on offering (FOO) until Friday with shares being sold at Php6.50 apiece.
“We are grateful for the continued support of our regulators and for the overwhelming response we received from the institutional investors during the book-building process. The exceptional investor support reinforces AC Energy’s position as the region’s leading renewables platform,” Francia said in a statement disclosed to the Philippine Stock Exchange.
“The FOO completes the company’s successful fundraising efforts this year and allows it to play a meaningful role in the green-led recovery,” Francia added.
Photo from AC Energy website.