AC Energy and Infrastructure Corporation (ACEIC) aims to launch up to 1,000 megawatts (MW) in renewable energy (RE) projects this year.
Based on parent firm Ayala Corporation’s annual report, up to 500MW would come from new projects in the Philippines, while the other 500MW would be from ventures in Vietnam, Australia, and India.
The projects form part of AC Energy’s target of building 5,000MW in RE portfolio by 2025.
Ayala also said in the annual report that ACEIC plans to complement its RE portfolio and support its capacity with peaking plants and new energy storage technologies, such as the large-scale lithium-ion battery storage facility for the 720MW New England Solar Farm in Australia.
Locally, AC Energy aims to expand its ancillary business and commercial operations to maximize its power portfolio in order to meet the country’s power demand.
AC Energy recently formed joint ventures with Solar Philippines and Citicore Power to build solar farms nationwide. The joint undertaking with Citicore in particular is a 50MW solar plant project in Pampanga, which is targeted to open by November.
Ayala Corporation’s net income dropped 51% to Php17.1 billion last year from Php35.3 billion in 2019 stemming from the economic slowdown caused by the COVID-19 pandemic. However, AC Energy posted a jump of over 2800% in its net income at Php3.87 billion from Php133 million year-on-year due to higher electricity sales.
AC Energy plans to raise up to Php19.9 billion via its follow-on offering (FOO) targeted for mid-year. The FOO, as well as its Php5.37 billion stock rights offer in January and Singaporean sovereign fund GIC’s private placement worth Ph11.88 billion, form part of the company’s goal to raise Php30 billion this year for its RE projects.