Ayala-led ACEN Corp. has committed to invest P1.44 billion in five of its units dedicated to renewable energy development, as it strengthens its efforts to achieve a targeted capacity within the coming decade.
As per the disclosure to the stock exchange, ACEN, which serves as the Ayala group’s listed energy platform, announced that its executive committee has approved the funding 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 are intended to support development activities related to renewable energy projects in the Philippines, according to the company.
ACEN’s power facilities spread across the Philippines, Australia, Vietnam, Indonesia, and India currently possess a combined capacity of 4.3 gigawatts (GW), with an impressive 98% of this capacity sourced from renewable energy.
John Eric Francia, the President and Chief Executive of ACEN, stated earlier this year that their objective is to increase this capacity to 20 GW by 2030 in line with the ACEN’s commitment to achieving net-zero carbon emissions.
However, with only 20% of the target fulfilled and slightly over six years left before their self-imposed deadline, Francia expressed the company’s determination to accelerate the development of new clean energy capacity. They aim to increase it from 1 GW to 2 GW annually, seeking funding through loans and preferred share issuance.