AC Energy looks to achieve half of 5K MW RE target in 2021


Ayala-led AC Energy said it looks achieve half of its 5,000-megawatt (MW) target renewable energy (RE) capacity in 2021.

AC Energy President and CEO Eric Francia said that of the 2,500 MW goal, 1,500 MW worth of projects are slated for next year. The Philippines and Australia will have 500 MW, while the remaining 500 MW will be in Vietnam and India.

The company likewise plans to integrate its 1,000 MW portfolio with its international RE investments amounting to 900 MW. Once this happens, Francia said that AC Energy would have a total of 1,900 MW, of which around 1,350 MW are comprised of renewables.

Francia added that AC Energy is very bullish about the shift to RE and that it wishes to play a leading role. To achieve this, the company would need up to $2 billion (Php96.4 billion) in equities.

Of the $2 billion needed, Francia said AC Energy has existing cash reserves of $700 million. This would be followed by fund-raising activities such as private placements and stock rights offerings, of which it expects an additional $500-600 million. The balance, then, would be dealt with later on.

AC Energy was the eight-biggest winner at the Philippine Stock Exchange on Monday, with its stock price soaring by Php0.59 or 10.17% to close at Php6.39/share from Php5.80 last Friday. This follows its reported Php3.02 billion income for the first three quarters of the year.
The Securities and Exchange Commission has also given the company the go-signal to formally change its corporate name to AC Energy and Infrastructure Corporation (ACEIC). This comes as parent firm Ayala Corporation consolidated its energy, transport, water, logistics, and transport entities under ACEIC.