The Ayala Group plans to scale up its renewable energy portfolio to 2,500 megawatts next year as it positions AC Energy Philippines Inc. to become the largest listed renewables platform in Southeast Asia.
“We are really building up AC Energy Philippines or ACEN, the listed company. ACEN will be our main integrated platform for energy. ACEN will realize vision of 5 gigawatts [5,000 MW] by 2025,” AC Energy president and chief executive officer Eric Francia told reporters in a virtual briefing.
Francia said ACEN now has 1,000 MW of capacity in the Philippines but only half is renewable energy.
AC Energy International owns 900 MW of capacity, which is purely renewables. The plan is to infuse the international platform, AC Energy International into ACEN next year.
“For the Philippines, out of the 1,000 MW, around 550 MW of thermal, 450 of RE so once we infuse the international platform to ACEN, ACEN will now have 1,900 MW, on proforma basis,” Francia said.
Francia said the group’s plan was to scale up renewable energy investments from the current 1,350 MW.
He said they were aiming to expand the renewables capacity of ACEN to 2,500 MW next year, “so we expect to be halfway to our 2025 target as early as 2021.”
“The 1,350 MW, we will bring that to 5,000 MW or even more. I’m feeling quite confident we will exceed our renewables capacity by 2025, we will exceed 5,000 MW,” he said.
Francia said the company was also looking at investing in new RE capacities in the Philippines Australia, India and Vietnam.