Ayala-led ACEN Corporation will be investing PHP 1.44 billion into five of its subsidiaries to fund their development projects, company president and CEO Eric Francia said.
Francia said in a stock exchange filing that the executive committee authorized the PHP 1.44 billion worth of financing allocated for its five special purpose vehicles, with AC Laguna Solar Inc. receiving the highest funding at PHP 410 million, followed by AC Subic Solar Inc. with PHP 367 million, Ggawind1 Inc. with PHP 324 million.
Meanwhile, SolarAce4 Energy Corp. and Ingrid2 Power Corp. will be funded with PHP 205 million and PHP 134 million respectively.
The said investment will be utilized in the renewable energy development projects of ACEN in the country, he added.
ACEN is looking to increase its renewable energy portfolio to 20 gigawatts (GW) by 2030, in line with the company’s net-zero carbon emission goal.
Francia said that the company aims to fast-track the development of its clean energy projects by allocating PHP 70 billion in capital expenditures this 2023 and increasing the development of capacities from 1 GW to 2 GW annually.
Following ACEN’s purchase of the 138-MW total capacity of eight wind projects in Texas, they also started to pursue expansion in the United States this year.
