THE Ayala group’s energy arm AC Energy Holdings (AC Energy) is eyeing energy investments in Indonesia, Myanmar and Vietnam, a company official said on Wednesday.
“While it will take time to strengthen our presence in Indonesia, we have started to look around the Southeast Asian region, particularly Myanmar and Vietnam, and we hope to make our second regional investment in about 12-18 months,” AC Energy President and CEO Eric Francia told reporters on Wednesday.
The company recently achieved two major milestones. AC Energy, through a consortium with Star Energy and EGCO, won the bid for Chevron’s geothermal assets and operations in lndonesia in December 2016.
Immediately thereafter, AC Energy broke ground on the construction of the 75-megawatt (MW) Sidrap wind farm in Sulawesi, lndonesia, the country’s first commercial wind farm. AC Energy plans to expand its presence in lndonesia beyond these two assets by working with existing partners to pursue expansion and greenfield projects.
“AC Energy is at a critical inflection point. Our transformation is enabled by rapid organic growth and key strategic acquisitions,” Francia said.
The company also recently acquired Bronzeoak Clean Energy (BCE) and San Carlos Clean Energy (SCCE). Bronzeoak Philippines group is one of the leading renewable energy developers, having developed over 250 MW of solar and biomass projects. SCCE and
BCE have been renamed as AC Energy DevCo and Visayas Renewables Co. respectively.
“Our newly integrated development platform is a critical element that will help AC Energy attain the goal of tripling its renewable energy capacity to 1000 MW by 2020,” Francia said.
AC Energy is also committed to become a key player in the retail electricity supply (RES) market, providing contestable customers with simple and compelling solutions.
AC Energy Retail’s first customer went live in December 2016. The company currently has over 50 MW of switched and committed customers, and continues to grow as customers choose their respective retail electricity suppliers.
Five years since its establishment, AC Energy reached 1000 MW of attributable capacity in 2016. The company recently set a new target of reaching 2000 MW of attributable capacity by 2020, half of which will be renewable energy. It currently has 1300 MW of capacity, including 300 MW of renewable energy.
AC Energy is the development arm of the Ayala group in the energy sector. The company is building a portfolio of power generation assets using renewable and conventional technologies.