AC Energy earmarks P10.81 B for solar, wind projects in PH


The energy investment arm of the Ayala group will be injecting additional investments of P10.81 billion for greenfield solar and wind power projects in the Luzon grid.

AC Energy President and CEO Eric T. Francia

The board of directors of AC Energy Philippines had green-lighted secured loan procurement of P3.33 billion to bankroll the blueprinted 75-megawatt solar farm installation that shall be sited in Arayat and Mexico, Pampanga.

Additionally, the company’s board had approved P7.48 billion worth of investments to be funneled into the planned 160MW Pagudpud wind farm project in Ilocos Norte.

The proposed facility, according to AC Energy President and CEO Eric T. Francia will be sited near the company’s existing 81MW North Luzon Renewable Energy Corp (NLREC) wind plant, that is also in Pagudpud.

The new wind power project will be its joint venture with Hongkong-headquartered UPC Renewables, which is also the Ayala firm’s constant partner in most of its renewable energy (RE) ventures both in the Philippines and in offshore markets.

The solar facility in Pampanga is AC Energy’s tie-up venture with Citicore Renewable, a company affiliated with construction and infrastructure-developer firm Megawide group.  The targeted commercial operation of the solar installation is fourth quarter of 2021.

The Arayat-Mexico development is one of the solar facilities being advanced to implementation by the Ayala firm, with the two others (of 60MW and 75MW capacities) being constructed in Palauig, Zambales; and another 120MW solar installation in Alaminos, Laguna.

Beyond these ventures, AC Energy is similarly making headway on its first phase 150MW diesel-fired power project in Pililla, Rizal, which is its joint venture with Axia Power Holdings Philippines Corporation, a subsidiary of Japanese firm Marubeni Corporation.

With the added wind venture in Ilocos, the total investments of the Ayala group in the Philippine energy sector will sum up to 640MW capacity. There is no targeted completion date cast yet for the Pagudpud wind farm.

In the same board meeting of the AC Energy Board, the company apprised the Philippine Stock Exchange (PSE) that it also approved the “conduct of preparatory works for the planned follow-on offering of the company, including engagement of consultants and pre-filings with the relevant government agencies.”

The array of investments being pursued by the Ayala energy company in the Philippines and in several key Asian markets are all in keeping with its target to become the biggest listed RE firm in Southeast Asia and the capacity installation goal of 5,000 megawatts by 2025.