The Ayala group is now gunning for an all-renewable power generation portfolio by 2025, a considerable leapfrog from a previous goal of a coal-free business by 2030.
Also, the conglomerate through its network of subsidiaries around AC Energy Corp. (ACEN) declared a commitment to achieve a “net zero” business by 2050.
This means an alignment to the global initiative to limit global warming to 1.5 degrees Celsius by 2050 by striking a balance between the amount of carbon dioxide and other greenhouse gases produced and the amount removed from the atmosphere.
As part of a salvo of efforts to be all-green in three years, ACEN intends to fully own what is now a joint venture focused on solar projects in Australia, in which ACEN currently has a minority interest.
The ACEN board last Monday approved the acquisition—through subsidiary AC Renewables International Pte Ltd.—of a 51.6-percent stake in UPC/AC Renewables Australia from partners UPC Renewables Asia-Pacific Holdings and investor Anton Rohner.
The $243.3-million transaction includes the 520-megawatt New England Solar Farm, which is being built in New South Wales.
UPC/AC Renewables has a project pipeline that represents more than 8,000 MW of solar, wind, pump hydro and energy storage technologies across Australia.
As part of the transaction, which is still subject to certain conditions, the sellers will subscribe to up to 942 million common shares of ACEN at P11.32 per share or a total of P10.66 billion.
“This transaction marks a strategic pivot for ACEN, as the company embarks on its first wholly owned development and operations platform outside of the Philippines,” Acen president and chief executive Eric Francia said in a statement.
Patrice Clausse, chief operating officer of AC Energy International, noted that UPC Renewables was one of ACEN’s early partners when it was starting in the power sector.
“We are delighted to be able to fully integrate the Australia platform into ACEN, including the platform’s excellent development and highly capable team, as we continue to grow the company’s footprint in Australia,” Clausse said. INQ