AC Energy sees consistent bottom-line growth in the medium term following contributions from wind farms, geothermal acquisitions, and new power projects.
“Last year, we’ve had a good wind regime. Plus, geothermal investment [is] accretive starting April, so that added to our equity earnings. Those were the 2 significant contributors,” AC Energy CEO John Eric Francia said.
The company saw improvements in its 2017 financial results from the improved performance of wind projects and new contributions from the purchase of Chevron assets.
AC sees its bottom line to trend higher in the next two to three years with the full contribution of geothermal investments and new power projects set to start operations.
“We’ll see consistent growth in three to four years. The momentum is pretty good,” Francia said.
In 2017, AC Energy and its partners sealed the purchase and acquisition of Chevron’s geothermal assets and operations in Indonesia.
This includes the Darajat and Salak geothermal fields in West Java which has a combined capacity of 637 megawatts (MW) of steam and power.
The company also has two wind projects; the 52-megawatt (MW) Northwind Power Development Corp. in Bangui, Ilocos Norte; 81-MW Wind farm in Pagudpod, Ilocos Norte through the North Luzon Renewables Energy Corp. (NLREC).
It added that its Sidrap wind farm – its first wind project in Sulawesi, Indonesia, will gain earnings contributions this year as it begins operations within the first quarter. This project is done along with UPC Renewables Indonesia Ltd.
AC Energy is looking to begin the operations of the first unit of the 4×135 MW coal-fired power plant in Kauswagan, Lanao del Norte through the GNPower Kauswagan Ltd. Co by the second semester of 2018.
And in 2019, the first unit of 2×668 MW GN Power Dinginin Ltd. Co coal plant in Bataan is seen for commercial operations.