AC Energy, the power arm of the Ayala group, is doing away with anything to do with coal for power generation.
In doing so, it is divesting its stakes in the 1,336-megawatt (MW) GNPower Dinginin Thermal Power Plant project and the 360MW GNPower Mariveles Coal Plant, both in Bataan. The coal plant projects are under AA Thermal, AC Energy’s joint venture with AboitizPower, of which the former holds a 40% share.
AC Energy President and CEO Eric Francia said, though, that it wants to ensure that the plants are operating well before the two power firms part ways. Dinginin’s first 668MW unit is expected to begin commercial operations by the summer of 2021, while the second 668MW unit would be operational by 2022.
Regarding its coal technology jettison, AC Energy first unloaded its 85% stake in the 552MW GNPower Kauswagan coal-fired power project in Lanao Del Norte through a deal with GNPower Ltd., primarily through a deal that it entered into with partners at GNPower Ltd. Co., primarily with Power Partners and the Philippine Investment Alliance for Infrastructure. Francia said the transaction is expected to close by the first quarter of 2021.
AC Energy aims to have 5,000MW of consolidated renewable energy capacity through investments here and abroad. Francia had earlier said that the company may achieve half of the target by next year.
Photo from AC Energy website.
