Ayala-led ACEN said it looks to add another 500 megawatts (MW) in attributable renewable energy (RE) capacity for a total of 3,000MW — or 60% of its goal — by early next year.
ACEN President and CEO Eric Francia said that his company, so far, has already attained a total of around 2,500MW in attributable RE capacity in and around the Philippines. Given this development, Francia is confident that the company would reach, if not exceed, its 5,000MW all-RE portfolio goal by 2025.
“We’ve already announced and approved the equity funding for a 200MW solar project in Cagayan – our joint venture with CleanTech. We have an imminent project in India, another 400MW project in India. So, both of those projects are expected to reach financial close in the next few months,” Francia said during the first episode of Power Podcast.
“So, I think from 2,500MW, we can get to 3,000MW in the next 3-6 months at most. So, the momentum is definitely [there]. Frankly, [I would like] to exceed the 5,000MW goal by 2025,” he added.
Francia added that ACEN’s recent buyout of its partners UPC Renewables and Northwind Power Development Corporation increased the Ayala-led firm’s pipeline capacity.
UPC was ACEN’s joint venture partner in the 160MW Balaoi and Caunayan wind farm project in Pagudpud, Ilocos Norte, as well as several of its RE projects in Australia. Northwind, meanwhile, is its former partner and the original owner of the 52MW Bangui Windmills, also in Ilocos Norte.
“It used to be 12,000MW of pipeline across the region. Following the recent acquisitions, which have yet to reach financial close, but I think we’ll get there sometime 2022. Following that and following the updating of our pipeline in the Philippines, we are now at approximately 18,000MW of pipeline that would help push our renewable capacity from where it is today, which is 2,500 to well over 5,000MW by 2025,” he said.