Power

AC Energy to infuse P4.5B into subsidiary to boost renewables portfolio

AC Energy Corp. has approved the investment of P4.5 billion into wholly owned subsidiary Santa Cruz Solar Energy Inc. in line with its goal of hitting 5,000 megawatts of renewables capacity by 2025.

The fresh equity will allow SCSEI to participate in auctions for power supply.

Apart from this, the board of ACEN also approved the issuance of a notice to proceed for the development, mobilization, design and construction of the access and infrastructure and grid connection facilities of a solar power project to be located in San Marcelino, Zambales.

ACEN ended 2020 with a record ₱3.75 billion in net income, largely driven by significantly improved operating efficiencies, reliability, and operating margins, and the acquisition of additional stakes in local renewable projects.

The company spent ₱10 billion last year to augment its generating capacity with the construction of two new solar plants, battery storage and firming facilities in Luzon.

The company’s 2020 investments created more than 3,000 jobs within host communities and continue to be vital pieces towards reigniting the economy and creating economic activity.

“Sustainable recovery is now seen as perhaps our best and only way forward to achieve our environmental goals to mitigate climate change, create jobs, build economic resilience, and ultimately, improve the well-being of people. We are delighted that AC Energy has made significant progress along these fronts and continues to be recognized as a key contributor to sustainable growth and development,” said AC Energy Chairman Fernando Zobel de Ayala during the company’s annual stockholders meeting.

Last year, AC Energy built five projects totaling around 374 MW of gross capacity.

These include the 120 MW solar project and the 40 MWH battery storage project in Alaminos, Laguna, the 60 MW solar project in Palauig, Zambales, and the 150 MW quick response thermal plant in Pililia, Rizal.

The company is also constructing a renewable energy laboratory in Mariveles, Bataan equivalent to a 4 MW hybrid solar plant integrated with an energy storage system, which will test various new technologies in solar and battery storage. This will help the company select the best technologies as it scales up its investments in solar and storage in the coming decade.

ACEN now has over 1,000 MW of attributable capacity in the Philippines, with almost half coming from renewable sources. We expect the share of renewables to significantly grow over time as the company focuses on scaling up its investments in solar and wind farms.

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