Friday, May 14, 2021

ACEN working on robust pipeline of 12 GW RE projects

 Danessa Rivera May 5, 2021 - 12:00am

https://www.philstar.com/business/2021/05/05/2095867/acen-working-robust-pipeline-12-gw-re-projects

 

MANILA, Philippines — AC Energy Corp. (ACEN) is working on a robust pipeline of 12 gigawatts (GW) of renewable energy projects to meet its five GW target by 2025 and become the largest listed renewables platform in Southeast Asia.

“We actually have close to 12,000 megawatts (MW) of projects in our pipeline. The momentum is certainly there. We have a lot of traction and with this rich pipeline, it puts us in a great position to realize our long-term vision and goals,” ACEN president and COO Eric Francia said during the COL Financial briefing late Monday.

ACEN’s projects are mostly solar and wind facilities being developed organically and with partners.

The largest chunk, consisting of 5,200 MW is in Australia, followed by the Philippines with 3,400 MW, Vietnam with 2,400 MW, and in India and other Asia Pacific countries with 900 MW.

Out of the 12,000 MW projects in the pipeline, around 1,000 MW are targeted for financial close in the next six to 12 months, putting ACEN more than halfway to achieve its five GW of renewables capacity goal by 2025.

“This will put us close to 3,000 MW already if we achieve these stated targets,” Francia said.

ACEN has close to 500 MW of renewables in the Philippines and is set to add 1,400 MW with the infusion of the Ayala group’s international power assets in Vietnam, Indonesia, Australia, India and Myanmar.

With nearly 3,000 MW in capacity within the year, ACEN needs to build 2,000 MW –which will come from its robust pipeline – in the next four years to reach its 2025 target.

ACEN expects to secure regulatory approval for the infusion of international assets before the end of the year.

Last week, ACEN signed a deed of assignment with parent firm AC Energy and Infrastructure Corp. (ACEIC).

Under the deed of assignment, ACEIC will subscribe to around 16.69 billion shares at P5.15 per share or P85.93 billion in exchange for ACEIC’s 1.7 billion common shares and 15.03 billion redeemable preferred shares in AC Energy International Inc. (formerly Presage Corp.). The shares will be issued out of its increase in authorized capital stock to P48.4 billion.

ACEN said the increase in its capital stock, as well as the valuation of the property assigned by ACEIC to the ACEN, are subject to the review and approval of the Securities and Exchange Commission.

To bankroll its project pipeline for this year, ACEN is conducting a follow-on offering, comprising up to 2.01 billion common shares at a price of P6.50 apiece.

The shares will be listed on the Philippine Stock Exchange on May 14.

“We have a really strong balance sheet, we have a very robust pipeline, we have a strong set of partners. I have a highly dynamic and committed team...We’re feeling very confident, inspired to really achieve our aspiration,” Francia said.

ACEN, the energy platform of Ayala Corp., is one of the fastest growing energy companies with over $1 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region.

No comments:

Post a Comment