Ayala-led ACEN Corporation is looking to expand its renewables capacity to 20 gigawatts (GW) by 2030.
In a disclosure to the Philippine Stock Exchange, ACEN said that its board of directors approved the new corporate vision and strategy that represents a six-fold growth from the current 3.4 GW RE capacity today.
“It is an aggressive goal, though we believe that we have the right elements to succeed. We have a strong balance sheet, robust pipeline, strong partnerships, and a highly energized organization,” ACEN president and CEO Eric Francia said in a statement.
ACEN currently has 18GW in its pipeline across the region, which the company said would help in achieving the 2030 goal.
The company is looking to strengthen its investments in Australia, Vietnam, Indonesia, and India, as well as expand its geographic footprint through strategic partnerships.
“The world needs to accelerate the energy transition, and the country needs new capacity urgently. We believe that it is an opportune time for ACEN to set bold renewable targets for 2030, and help address the challenges that we are confronted with,” ACEN chairman Fernando Zobel de Ayala said.
In related developments, ACEN registered Php2.2 billion in its net income for the first half of 2022, a 19% decrease from the same period last year. Its consolidated revenues also grew by 19% to Php16 billion as higher spot market prices offset the impact of curtailment and customer buyout fees in the first quarter.
ACEN is looking to achieve a 5,000 MW all renewable energy portfolio by 2025. The Ayala energy company currently has an attributable capacity of 3,800 MW across the Asia Pacific.