THE Ayala group’s energy arm AC Energy Holdings Inc. (AC Energy) is looking to further increase its renewable energy (RE) projects in the Philippines following its successful acquisition of the geothermal assets of Chevron in Indonesia and the Philippines, a top company executive said.
“We’re still active. We’re not stopping. We’re still on active lookout for potential acquisitions,” Eric Francia, AC Energy president and chief executive officer, told reporters Wednesday night during an Ayala Corp. event.
Francia said they are looking to further scale in renewables. “We are getting traction in Indonesia but we would like to scale up more in the Philippines. So we are going to do more development here in the Philippines of renewables,” he said.
He said AC Energy is working on one particular RE project. “We are actively pursuing transactions or deals in the Philippines. But I cannot disclose yet, because it’s not yet final. But we are in the midst of a final transaction,” he said.
“We are just finalizing stuff and you’ll know soon,” he added.
Last year, AC Energy said it reached its 1000-megawatt (MW) target capacity and is now to positioned to deliver an additional 1000 MW by 2020, of which over 60 percent is expected to be in renewable energy.
Five years since it entered the market in 2011, AC Energy now has seven thermal, wind, and solar assets: the 604 MW GNPower Mariveles and 668 MW GNPower Dinginin in Bataan; 244 MW South Luzon Thermal Energy in Batangas; 552 MW GNPower Kausawagan in Lanao del Norte; 81 MW North Luzon Renewables and 52 MW NorthWind Power in Ilocos Norte; and 18 MW Montesol in Bais, Negros Oriental.
Five of the plants are operational, which collectively deliver about 1,000 MW of power to the grid. The two GNPower plants under construction will add another 1,200 MW to the grid in 2018 / 2019.
The company is building a portfolio of power generation assets using renewable and conventional technologies.
AC Energy is one of the four companies that recently expressed interest in the sale of the 650 MW Malaya Thermal Power Plant Complex (MTPP) in Pililia, Rizal, which is scheduled for bidding on March 8 this year.