AC Energy Philippines Inc. (Acen) expects to complete in the next three quarters its transformation into the Ayala group’s power generation platform for both domestic and overseas projects, with planned fundraising activities intended to muster a total of $500 million to $600 million.
John Eric T. Francia, president and chief executive of Acen, said at a briefing such a kitty would help the company achieve its goal of building a portfolio of 5,000 megawatts of renewable energy capacity by 2025.
“We are confident that we will exceed the 2025 target considering that, by 2021, we expect to be at the halfway mark at 2,550 MW,” Francia said.
Acen, formerly Phinma Energy Corp., already has 1,350 MW of renewable capacity under its belt. By next year, the company expects to add 1,200 MW.
This additional capacity represents Acen’s equity in various projects across the region—the Philippines, Australia, India and Vietnam—with an aggregate renewable energy-based generating capacity of 1,500 MW.
Francia said Acen would also invest in complementary technology such as battery energy storage systems.
“But that will happen over time since we want the technology to mature first,” he said. “On the other hand, we will supplement our renewable energy projects with peaking plants [equipped with] dual-fueled generators.”
He is referring to generators that run on diesel and another type of fuel, such as liquefied natural gas, compressed natural gas or liquefied petroleum gas.
Francia said that, to help realize such plans, Acen needed $1.8 billion to $2 billion in equity by 2023 or 2024.
“We have about $700 million in cash reserves and we will add to that about $500 million to $600 million next year,” he added.
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