MANILA, Philippines — AC Energy Corp. (ACEN) has completed its acquisition of a 20 percent interest in South Luzon Thermal Energy Corp. (SLTEC).
In a disclosure to the Philippine Stock Exchange yesterday, ACEN said it bought Axia Power Holdings Philippines Corp’s 20 percent stake in SLTEC.
“With this acquisition, the company now owns 100 percent of SLTEC, which owns and operates a 2 x 135 megawatt (MW) coal-fired power plant in Calaca, Batangas,” ACEN said.
cPower is a unit of Japan’s Marubeni Corp.
Based on its website, ACEN operates thermal assets to complement its renewable energy projects and to ensure power reliability.
The company was able to achieve significant improvement in operating efficiencies in 2020.
In the first half of the year, ACEN reported a five percent rise in its net income to P2.7 billion. Consolidated revenues increased by 35 percent to P13.4 billion, driven by the demand recovery from pre-COVID-19 pandemic levels, acquisition of operating projects, and newly operational renewable energy (RE) projects.
ACEN said its attributable capacity at end-June jumped 56 percent to 1,659 MW from 2,589 MW, with the start of construction of new projects in the Philippines and in Vietnam, and the company’s first projects in India and in Australia.
The company’s renewables portfolio doubled from 1,041 MW to 2,070 MW and now comprises 80 percent of the total capacity with the infusion of international assets.
ACEN is targeting to have 5,000 MW of renewables capacity by 2025.