The Ayala-led ACEN Corp. is looking to kick-start the operations of at least 700 megawatts (MW) worth of solar and wind projects this year.
In a report by BusinessWorld, ACEN president and CEO Eric Francia said that they are looking to build around 1000 MW of solar and wind projects in the country, which could help alleviate the supply pressure and help achieve the Philippines’ renewable energy targets.
Francia noted that it is critical to “get the renewable energy market operational”, especially with the upward adjustments made in the renewable portfolio standards (RPS).
For 2023, the Department of Energy (DOE) increased the RE utilization of on-grid areas from one percent to 2.52%.
Data from the DOE states that coal was the biggest contributor to the country’s gross power generation mix in 2021 at 57.5%, renewable energy contributed only 23.4%, then natural gas at 17.7%, and oil-based sources at 1.4%.
The ACEN official stressed that in order to scale up renewable energy in the mix, the Philippines should incorporate energy storage in the system, as it is critical to get the reserve market operational the soonest.
In December, ACEN executed a share purchase agreement for a 60-megawatt-peak (MWp) solar plant in Pangasinan. It also announced that it will be injecting Php 271.48 million through share subscriptions into a special-purpose vehicle that will develop a solar project in Cagayan.