ACEN Corporation is allocating approximately Php 72 billion for its capital expenditure (CAPEX) budget this year.
In a report by Business World, ACEN President and CEO Eric Francia shared that the allotted funds would be used for international operations and energy projects in the country.
Nearly Php 40 billion of this year’s expenditures will go toward the company’s domestic activities, specifically the expansion of wind and solar projects, and will be financed by debt in addition to internally generated funds.
In 2023, the firm had set aside a CAPEX budget of around Php 50 billion and Php 70 billion for its renewable energy (RE) projects.
Approximately Php 40 billion in cash was left on the company’s balance sheet by the end of 2023, according to Francia. This cash will now be used to finance a large portion of the CAPEX as well as extra funding, primarily via bilateral loans.
Part of the firm’s CAPEX was also to utilize USD 15 billion to generate a capacity of almost 20 gigawatts (GW) of RE towards the decade’s end.
Francia added that this year, the firm had six new projects in the pipeline with a total capacity of 1.6 GW, and they were slated to be fully operational by the end of this year.
Currently, ACEN has over 3.3 GW of capacity that is in operation and under commissioning while 1.5 GW of capacity is still under construction. With this, the chief executive said that the company had been gearing up to achieve 20 GW of RE capacity by 2030.
The company also emphasized its commitment to having all of ACEN’s power generation come from renewable energy sources by 2025.
At present, ACEN has about 4,700 MW of attributable capacity under its belt in countries of the Philippines, Australia, Vietnam, India, and Indonesia.
