Ayala-led AC Energy (ACEN) is investing P1.44 billion into five of its units, focusing on renewable energy development as it intensifies efforts to achieve its target capacity within the next decade.
In a stock exchange disclosure on Friday, ACEN, the listed energy platform of the Ayala group, said its executive committee approved the funding via loan or equity for AC Subic Solar Inc. (P367 million), AC Laguna Solar Inc. (P410 million), SolarAce4 Energy Corp. (P205 million), Ingrid2 Power Corp. (P134 million) and GigaWind1 Inc. (P324 million).
The funds will be utilised by these special purpose vehicles to support the development of renewable energy projects in the Philippines, as stated in the company’s disclosure.
Currently, ACEN’s facilities in the Philippines, Australia, Vietnam, Indonesia, and India have a total capacity of 4.3 gigawatts (GW), with 98 percent of this capacity coming from renewable energy sources.
ACEN’s President and Chief Executive, John Eric Francia, had previously mentioned their goal to increase their capacity to 20 GW by 2030 in alignment with the company’s net-zero carbon emission objective. With only 20 percent of this goal achieved and slightly over six years remaining, the company aims to accelerate the development of new clean energy capacity from 1 GW to 2 GW annually. This acceleration will be facilitated by securing funding through loans and preferred share issuance.
In addition to their local efforts, ACEN expanded its presence to the United States this year through the acquisition of eight wind projects in Texas, with a combined capacity of 138 megawatts.
Furthermore, the company announced plans to allocate P70 billion in capital expenditures this year to expedite the development of clean energy projects.