Ayala energy unit to amass P30B cash by yearend

AC Energy will end up with P30 billion in cash by the end of the year that will help bring the company closer to its goal of being Southeast Asia’s largest listed renewables platform.

In a virtual briefing, ACEN president and CEO Eric Francia said the P30 billion would come from the implementation of a five-point strategy in 2021 which includes proceeds from a stock rights offering which raised raised P5.4 billion and private placement of shares, follow-on offering, integration of assets of AC Energy’s international businesses and secondary sale of shares to GIC.

“I would expect, between the capital raising, the SRO, private placement, follow-on offering-that’s a significant amount of cash, that could reach up to P30 billion of cash infusion this year as a very rough estimate,” Francia said.

“That’s the cash that’s gonna be available to us and therefore we do have plans of deploying this amount focused on renewable energy projects,” he said.

He said the five steps would complete the structuring of ACEN to become the unified, integrated platform of Ayala and AC Energy in energy “that would really put us in a strong position to realize our vision which is to exceed five gigawatts and be the largest renewables platform in Southeast Asia.”

AC Energy Infrastructure Corp. will have about 62 to 65 percent stake in ACEN, GIC with 17.5 percent and the public with around 16 to 18 percent stake.

ACEN is looking at adding 500 MW of renewable energy capacity to its domestic operations this year.

“We plan to add another 500 MW, hopefully we can double it to 1,000 MW in the Philippines alone by 2021,” Francia said.

The Ayala Group currently has a portfolio of 1,350 MW of renewable capacity from its domestic and international portfolio.

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