AC Energy Holdings Inc., the energy arm of Ayala Corp., is on track to meet its 1,000 megawatts (MW) attributable capacity target as it is set to go “full blast” with the development of its various power projects.
John Eric Francia, AC Energy President and CEO said they are confident that the 1,000 MW target will be met as they have already completed about 700MW.
“We are now [at]about 700MW but we still have pipeline. So hopefully, we still have a year and a half to go to commit at least 300MW of attributable capacity,” Francia told reporters.
He said the development of the remaining power projects would go “full blast very soon.”
He cited the construction of a 540-MW coal-fired power plant in Kauswagan, Lanao del Norte in Mindanao.
“The construction is ongoing but we are prioritizing the compacting of the property.
There’s just a few clean ups. So we just want to clear the property, and the engineering design is also ongoing,” he said.
AC Energy recently secured financing for the Kauswagan power plant, which is expected to be operational by 2017.
It is being developed by GN Power Kauswagan Ltd. Co., a limited partnership among AC Energy, the Philippine Investment Alliance for Infrastructure Fund and Power Partners Ltd.
One of AC Energy’s projects that hasn’t reached the construction stage yet is the second unit of its two-by-600MW coal power plant in Mariveles, Bataan.
“We still need to sign more offtake agreements for that because we want the contracts to reach a certain level before we commit to a financial close,” he said.
The first unit of its 270-MW coal-fired power plant in Calaca, Batangas under South Luzon Thermal Energy Corp., a joint venture of AC Energy with Trans-Asia Oil and Development Corp., has already started operations.
The second 135-MW unit of the Calaca plant is currently under construction and is expected to be completed by the end of the year.
For its renewable energy portfolio, Francia said AC Energy is still waiting for guidance from the government on the wind installation target for the expansion of its 81-megawatt wind power project in Ilocos Norte.
AC Energy, through affiliate North Luzon Renewable Energy Corp., completed the 81-MW wind farm in Pagudpud, Ilocos Norte on November 11, 2014.