ACEN To Invest $274 Billion For RE Projects In Philippines

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AC Energy (ACEN) will invest $274 million or 14 billion pesos to fund wind and solar projects in the Philippines. ACEN is the listed energy platform of the Ayala Group. The company has over 3,000 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia. The company’s renewable share of capacity is at 80%, among the highest in the region.

The company plans to invest 7 billion pesos into Bayog Wind Power Corp. and Santa Cruz Solar Energy Inc. each for financing renewable energy projects of both companies.

Santa Cruz Solar is building a 283 MW solar farm in Zambales (255 km from Manila). This will be the largest solar farm in the Philippines and can each have a 700 MW capacity.

ACEN raised $1 billion in 2021 with green bonds, rights issues, private placement, and a follow-up offering with GIC, a Singaporean sovereign wealth fund to support renewable energy projects.

Ayala Corp. owns around 72% stake in ACEN. ACEN’s aspiration is to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5,000 MW of renewables capacity by 2025. On October 21, 2021, ACEN announced its commitment to achieving net-zero greenhouse gas emissions by 2050.

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