AC Energy Corp. Continues on Its Path Towards Sustainable Recovery

AC Energy Corp. (ACEN) eyes solar and wind projects in an effort to extend its renewable energy (RE) portfolio. The firm is prepared to invest heavily in renewables led by solar and wind, said ACEN president and CEO Eric Francia during the company’s annual stockholder meeting on Monday.

“We are currently focused on scaling up our investment, particularly in solar and wind. We expect to make significant investments in renewables. Given the intermittent nature or variable nature of solar and wind, we believe that this has to be complemented with battery storage to really unlock the potential of renewables,” said Francia.

AC Energy has already begun investing in battery storage through a renewable energy laboratory located in Mariveles, Bataan. The laboratory is equivalent to a four-megawatt (MW) hybrid solar plant aimed at testing new technologies in solar and battery storage.

“We believe that if we prepare in terms of scaling up all of these technologies, we want to make sure that we understand them in a real-world setting,” Francia explained.

Fernando Zobel de Ayala, chairman of ACEN, said the firm is pursuing a more sustainable, resilient, and inclusive future in hopes of supporting economic revival.

“As the country looks ahead to bounce back quickly from the pandemic, ACEN remains strongly committed to our vision of a sustainable energy future. In fact, we believe that this commitment to a green-led recovery is more important now than ever. Towards this end, we built our sustainability framework on three focus areas embedded across our business operations, governance, and culture. We aim to have a low carbon portfolio by 2030, protect the environment, and invest in our host communities,” he said.

The firm has nearly 500 MW of renewables in the Philippines and as the Ayala group’s international power assets are infused, it’s set to add 1,400 MW.

ACEN’s attributable capacity will increase to 2,400 MW, 77% of which will come from renewable sources, after the infusion. The company is poised to achieve its vision of reaching 5 gigawatts (GW) of renewables by 2025 and attaining its goal of becoming the largest listed renewables platform in Southeast Asia.

As 2020 came to a close, ACEN reported a record ₱3.75 billion in net income amidst the global pandemic. The firm’s investments in 2020 also created over 3,000 jobs in its host communities.

“Sustainable recovery is now seen as perhaps our best and only way forward to achieve our environmental goals to mitigate climate change, create jobs, build economic resilience, and ultimately, improve the well-being of people. We are delighted that AC Energy has made significant progress along these fronts and continues to be recognized as a key contributor to sustainable growth and development,” said Zobel.

Source: PhilStar