Ayala Corp.’s power generation arm ACEN Corp. expects its capital expenditure to reach P70 billion in 2025, a top executive said over the weekend.
“We are forecasting P50 billion in capex across all geographies for FY 2024. In 2025, we expect to spend roughly P70 billion,” ACEN president and chief executive Eric Francia said.
ACEN said it would use the budget next year to meet its goal of 20 gigawatts of renewable energy capacity by 2030.
Francia earlier said the company already reached 6.8 gigawatts of power generation capacity to date, of which 45 percent are operating, 34 percent are under construction and the rest are committed or board-approved projects.
ACEN expects to complete 1.2 GW of renewable capacity by the end of next year.
ACEN announced this month that its Australian unit won a 936-megawatt wind project in New South Wales that would power up to 500,000 homes.
The Commonwealth government of Australia announced 19 projects were selected as part of a national tender process for its capacity investment scheme.
The tender ensures enough new affordable and reliable electricity will be brought into the grid to meet demand between now and 2030.
ACEN Australia’s Valley of the Winds project was successful in securing a capacity investment scheme agreement (CISA) in the latest and largest tender round. Valley of the Winds is the biggest project awarded a CISA to date. Project completion is expected by 2030.
The bidding scheme conducts competitive tenders to select projects that offer the best financial value and align with Australia’s energy reliability and emissions reduction goals.
