International publication cites AC Energy as ‘fastest growing energy platform’

MANILA, Philippines — London-based International Finance Magazine has recognized Ayala Corp.’s energy business group and Solar Philippines as among the fastest growing power groups worldwide.

During the recent IFM Awards 2017, the international publication named AC Energy as the “fastest growing energy platform” in recognition of the company’s 20-fold growth from 80 megawatts (MW) of attributable capacity in 2011 to over 1,600 MW by 2017.

AC Energy is the Ayala Group’s business arm in the energy sector, with investments in renewable energy and conventional power plants. AC Energy is a fast growing regional energy platform with development, operations and retail supply capabilities,” the magazine said.

AC Energy president and chief executive officer  Eric T. Francia said the award has recognized the exceptional growth of the company. “From a standing start in 2011, the company has become one of the largest energy platforms in the Philippines and is poised to become a significant regional player,” he said.

Currently, AC Energy has 1.3 gigawatts (GW) of conventional power and around 300 MW of renewable energy projects.

The company has three renewable energy projects: the 52-MW Northwind Power Development Corp. in Bangui, Ilocos Norte; the 81-MW wind farm in Pagudpud, Ilocos Norte through its affiliate 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.

AC Energy is also pursuing projects overseas, beginning last year with its first two investments in Indonesia.

In early 2017, AC Energy and its partners have acquired Chevron’s Darajat and Salak geothermal fields in West Java, which have a combined capacity of 637 MW of steam and power, in Indonesia.

The Ayala company also partnered with UPC Renewables Indonesia Ltd. to put up a 75-MW wind farm in Sulawesi under project company PT UPC Sidrap Bayu Energi.

More recently, AC Energy teamed up with BIM Group of Vietnam to jointly develop over 300 MW of solar power projects in Ninh Thuan province.

Meanwhile, IFM has named Solar Philippines as the fastest growing solar energy company.

“Solar Philippines is Southeast Asia’s largest solar company and only integrated developer, investor, manufacturer, and EPC (engineering, procurement and construction), with 700 employees,” the magazine said.

IFM said the solar developer has 300 MW in projects operating or under construction with the lowest cost solar power purchase agreement in East Asia.

It also has a multi-gigawatt (GW) pipeline, including the world’s largest solar projects in off-grid, un-electrified areas; and an 800 MW solar panel factory, one of the largest and most advanced in the region, it said.