Philippines-based ACEN Corp., the energy firm of the Ayala Group has earmarked PHP 1.44 billion of investment in five of its units dedicated to renewable energy development. This is part of its strategy to strengthen its efforts to achieve a targeted capacity within the coming decade.
As per the filing in the stock exchange, ACEN, announced that its executive committee has approved the funding for AC Subic Solar Inc. (PHP367 million), AC Laguna Solar Inc. (PHP410 million), SolarAce4 Energy Corp. (PHP205 million), Ingrid2 Power Corp. (PHP134 million), and GigaWind1 Inc. (PHP324 million). The funds are intended to support development activities related to renewable energy projects in the Philippines, according to the company.
It informed that ACEN’s power facilities spread across the Philippines, Australia, Vietnam, Indonesia, and India currently possess a combined capacity of 4.3 gigawatts (GW), with an impressive 98% of this capacity sourced from renewable energy.
Earlier this year, John Eric Francia, the President and Chief Executive of ACEN, revealed the plans to increase this capacity to 20 GW by 2030 in line with the ACEN’s commitment to achieving net-zero carbon emissions.
Currently, the firm has fulfilled only 20% of the target of their self-imposed deadline of 2030. However, Francia expressed the firm’s determination to accelerate the development of new clean energy capacity. The firm aims to increase it from 1 GW to 2 GW annually, through loans and preferred share issuance.