Ayala-led firm AC Energy Corporation (ACEN) is injecting more than P12 billion worth of funding to ongoing as well as programmed renewable energy (RE) projects in the Philippines.
In a disclosure to the Philippine Stock Exchange (PSE), the Ayala energy company indicated that it will be funneling P6.17 billion “to partially finance its investment in Santa Cruz Solar Energy Inc.” — a solar farm installation in San Marcelino, Zambales with 250-megawatt capacity.
ACEN said the investment will be coming from the proceeds of its follow-on offering (FOO) that was successfully concluded in May this year. Of the earmarked funding, P5.37 billion will be for the solar plant’s construction and development; while P800 million will be utilized for land acquisition.
Further, the company will pump in $100 million (roughly P5.0 billion) for new technology investments that it will be pursuing in the Philippine energy market.
ACEN similarly stated that it allotted a portion from proceeds of its stock rights offering (SRO) to partly bankroll its investment in Greencore 3 Power Solutions Inc. – primarily for the 75MW solar farm project in Arayat and Mexico, Pampanga.
The other cash allocations specified by the Ayala firm include those on its Balaoi wind project – which at its 160MW capacity will be the country’s biggest for that technology type at its targeted completion in 2023.
Other installations that had likewise been infused with funding include those of the Palauig solar project, wherein capacity expansion had been cast to be increased to 130MWdc from 75MWdc.
ACEN raised P13.1 billion via its recent FOO; and had fetched separate P5.37 billion from its SRO in the early part of the year – and these have been part of the capital raising activity that the company had undertaken for its corporate restructuring exercise as well as project developments that will bring it closer to its 5,000MW capacity goal in the next four years.
As asserted by AC Energy President and CEO Eric T. Francia, “with our robust balance sheet and strong pipeline, the company is well poised to attain our goal of reaching 5,000MW of renewables capacity by 2025.”
As of first half this year, the company’s attributable capacity already climbed to 2,589MW — inclusive of international assets; and that is already halfway through the firm’s portfolio goal.
At this stage, Francia noted that the company is “pleased with the significant momentum in our renewables expansion both in the Philippines and around the region,” – and that shall include its offshore markets in Vietnam, India and Australia where project developments are already advancing.