Ayala unit aims to hike RE capacity to 20GW by 2030

BY LENIE LECTURA – AUGUST 8, 2022
from Business Mirror

ACEN Corp., the listed energy platform of the Ayala Group, is targeting to achieve a total of 20 gigawatts (GW) of renewable energy (RE) capacity by 2030 from the current 3.4 GW.

The target number represents a sixfold growth or a 25 percent compounded annual growth rate up to the end of the decade. ACEN currently has 18 GW of pipeline across the region, which will help with the achievement of the company’s 2030 goals.

“The entire organization is committed to ACEN 2030, which is our vision to reach 20GW of renewables by 2030. It is an aggressive goal, though we believe that we have the right elements to succeed. We have a strong balance sheet, robust pipeline, strong partnerships, and a highly energized organization,” said ACEN President Eric Francia.

The Philippines, it said, would remain as the core market, which currently accounts for 40 percent of total capacity, and is expected to stay at this level.

Australia is expected to be its second largest market within the decade as ACEN said it would aggressively grow its investments.

Also, it would ramp up its presence in Vietnam, Indonesia and India, and expand its geographic footprint through strategic partnerships.

Solar and wind will remain as core energy technologies, complemented by investments in new technologies, such as battery energy storage, floating solar, and offshore wind.

“We are now facing a global energy crisis, and the elevated fuel prices are compounding the tight power supply situation in the country. The world needs to accelerate the energy transition, and the country needs new capacity urgently.

We believe that it is an opportune time for ACEN to set bold renewable targets for 2030, and help address the challenges that we are confronted with,” said ACEN Chairman Fernando Zobel de Ayala.

ACEN has about 4,000 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia, with a renewable share of 87 percent, which is among the highest in the region.

In 2021, ACEN announced its commitment to achieve net zero greenhouse gas emissions by 2050. This will involve the early retirement of its remaining coal plant by 2040 and transition the company’s generation portfolio to 100 percent renewable energy by 2025.