ACEN to expand RE capacity

MANILA, Philippines — ACEN Corp. is embarking on a new roadmap that seeks to expand by six times its renewables capacity by 2030.

ACEN said its board of directors approved the corporate vision and strategy targeting 20 gigawatts (GW) of attributable renewables capacity by 2030.

This represents six times growth from its current 3.4-GW of renewables capacity or a 25 percent compounded annual growth rate up to the end of the decade, the company said.

“The entire organization is committed to ACEN 2030, which is our vision to reach 20 GW of renewables by 2030,” ACEN president and CEO Eric Francia said.

“It is an aggressive goal, though we believe that we have the right elements to succeed. We have a strong balance sheet, robust pipeline, strong partnerships, and a highly energized organization,” he said.

The Ayala Group’s listed energy platform plans to aggressively grow its investments in Australia, which is expected to be the company’s second largest market within the decade.

ACEN also intends to grow its presence in Vietnam, Indonesia, and India, and expand its geographic footprint through strategic partnerships.

The Philippines, however, will remain as the core market, which currently accounts for 40 percent of total capacity and is expected to remain at this level.

According to ACEN, solar and wind will remain as core energy technologies, complemented by investments in new technologies such as battery energy storage, floating solar, and offshore wind.

The company’s aspiration is being set amidst the global energy crisis and the imperative to accelerate the energy transition.

“We are now facing a global energy crisis, and the elevated fuel prices are compounding the tight power supply situation in the country. The world needs to accelerate the energy transition, and the country needs new capacity urgently,” ACEN chairman Fernando Zobel de Ayala said.

“We believe that it is an opportune time for ACEN to set bold renewable targets for 2030, and help address the challenges that we are confronted with,” he said.

ACEN aspires to be the largest listed renewables platform in Southeast Asia.

Last year, the company announced its commitment to achieve net zero greenhouse gas emissions by 2050, which will involve the early retirement of its remaining coal plant by 2040 and transition its generation portfolio to 100 percent renewable energy by 2025.

ACEN last month announced the approval by its board of the sale of the company’s common shares in South Luzon Thermal Energy Corp, consistent with its efforts on the early retirement of the SLTEC coal power plant in Calaca, Batangas by 2040, 15 years ahead of its technical life, under an energy transition mechanism.