MANILA, Philippines - After bagging Chevron’s geothermal assets and wind projects in Indonesia, AC Energy Holdings Inc. is scaling up its renewable energy portfolio through acquisitions and greenfield projects in the country to meet its 2,000-megawatt (MW) target capacity by 2020.
The investment arm of the Ayala Group for the power sector is actively on the lookout for potential acquisitions in the renewables sector to close the gap with its conventional plants, AC Energy president and chief executive officer Eric Francia told reporters Wednesday night.
“Basically we’re looking to further scale up in renewables. We’re getting traction in Indonesia but we’d like to scale up more in the Philippines. So we’re going to do more development here in the Philippines,” he said.
Before the close of 2016, AC Energy – with its partners – bagged the coveted Indonesian and Philippine geothermal assets of American energy giant Chevron Corp.
A few weeks into 2017, the power investment firm invested in a $150-million, 75-MW wind power project in Indonesia, which is targeted for completion by year-end.
AC Energy is eyeing to raise the number of its renewable assets in the country. Currently, it is in the middle of discussions for a potential acquisition in the Philippine renewables sector, Francia said.
“We’re actively pursuing transactions or deals in the Philippines. But I cannot disclose yet, because it’s not final yet but we’re in the midst of a final transaction,” he said.
If successful, Francia said the deal could be closed in the “next few weeks.”
The Ayala Group has committed close to P40 billion in AC Energy, which will be doubled to nearly P80 billion to meet the 2,000-MW target portfolio by 2020.
“We have a 2020 target. We don’t have annual targets (because) it really depends on opportunities,” Francia said.
Currently, it has a total attributable capacity of 1,088 MW.
The company has three RE projects: the 52-MW Northwind Power Development Corp. in Bangui, Ilocos Norte; the 81-MW wind farm in Pagudpud, Ilocos Norte through its affiliate North Luzon Renewable Energy Corp. (NLREC) and the 18-MW solar plant in Negros Oriental, a joint undertaking with Bronzeoak Clean Energy Inc.
Meanwhile, its conventional power projects include the 668-MW GN Power Dinginin Ltd. Co. coal plant in Bataan, the 604-MW GNPower Mariveles, the 2x135-MW coal-fired power plant in Calaca, Batangas under South Luzon Thermal Energy Corp. and the 4x135- MW coal-fired power plant in Kauswagan, Lanao del Norte in Mindanao through GN Power Kauswagan Ltd. Co.