Acen boosts RE portfolio with P17-B project
AC Energy Corp. (Acen) of the Ayala Group is ramping up its renewable energy (RE) portfolio as it is targeting to complete two wind projects situated in Ilocos Norte within the next two years, its top official said.
The 160-megawatt Balaoi and Caunayan Wind Power Project, touted as the biggest wind farm in the Philippines to date, is slated for completion next year. It is wholly owned by Acen.
On the other hand, the 70-MW Caparispisan II Wind Power Project is majority owned by Acen and will be completed in 2025.
Acen president and CEO Eric Francia told reporters the listed firm is planning to commence the construction of the Caparispisan wind project within the year while the construction of the Balaoi and Caunayan wind facility began in 2021.
Both wind facilities have a combined project cost of P17 billion.
Acen was among the entities that bagged supply contracts from the Department of Energy (DOE) following the conduct of the first round of the Green Energy Auction Program (GEAP) held in June.
Article continues after this advertisementAnnual RE auction
The GEAP, where 2,000 MW of renewable capacity was auctioned off, was meant to accelerate the utilization of clean energy in the Philippines. It will be conducted annually.
Article continues after this advertisementThe government is targeting to raise renewables’ share in the energy mix to 35 percent by 2030 and 50 percent by 2040.
When asked why the company only participated in the bidding for wind capacities, Francia said Acen is confident of completing the wind power plants within the 2025 deadline set by the DOE.
Under the GEAP, winning bidders must start delivering energy from 2023 to 2025 at prices that are lower than or equal to the prices set by the Energy Regulatory Commission.
“Of course, we have other projects but the expected completion will be beyond 2025. If it’s too tight, we don’t want to risk it,” said Francia.
He also said Acen is “very interested” to have its other renewable projects join future green energy auctions to be held by the Energy department.
“Hopefully, there will be a next time,” he added.
Acen aims to become the largest listed RE platform in Southeast Asia and reach 5 gigawatts of renewable energy capacity by 2025.
To date, it has over 3,800 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India and Australia.
