ACEN Corp. said Friday it expects to reach its target of 5,000 megawatts of renewables capacity this year, or two years ahead of its original goal.
“ACEN has around 4.5 GW of RE capacity across our global portfolio, and we expect to cross the 5-GW mark within the next few months, two years head of our 2025 goal,” ACEN president and chief executive Eric Francia said during the listing ceremony of the company’s preferred shares Series A and B at the Philippine Stock Exchange.
Francia said the company announced last year its vision of reaching 20 GW of renewables by 2030, and ACEN is now “4x away from that goal.”
“The Philippines will continue to be our core and single largest market, accounting for about 40 percent of our business. This means we expect to grow our Philippine renewable capacity from 1.7 GW today to more than 4 times to 8 GW by 2030,” he said.
“This is very much in line with the government’s goal of reaching 35-percent RE capacity by 2030 and 50 percent by 2040,” Francia said.
Francia said ACEN’s preferred shares offering raised P25 billion, which further strengthens the company’s balance sheet and support’s its aggressive expansion in the Philippines and the region.
“This is a groundbreaking transaction being the first of its kind, fixed for life, preferred share offering in the Philippines without a step-up rate. This enables the company to fund its investments and match its intrinsic long term cash flows for the projects,” he said.
ACEN’s subsidiary ACEN Renewables International Pte. Ltd. and Silverwolf Capital Ltd., a venture capital firm, signed on August 31 a shareholders’ agreement to jointly develop and build greenfield solar energy projects in Taiwan.
ACRI, which has a 50-percent direct ownership in the joint venture, made available a working capital of $2 million.
ACRI and Silverwolf established joint venture platform ACEN-Silverwolf Pte. Ltd. in Singapore.