By Lenie Lectura - May 20, 2018
AC Energy, the power arm of
conglomerate Ayala Corp., is selling as much as half of its thermal-energy
platform, in a bid to balance the firm’s renewables and thermal portfolios.
The company said last
Sunday it is currently in talks with interested investors.
“AC Energy is currently in
discussions with potential investors/partners for our thermal platform,” said
Eric T. Francia, president and CEO of AC Energy. The move is also meant to
raise capital to support growth as the company expands in the region.
“While we will grow our renewables
exponentially, we shall continue to grow our thermal platform in the
Philippines and around the region,” Francia added.
AC Energy has a total attributable
capacity of around 1,600 megawatts (MW) across its thermal and renewables
platforms. As of the first quarter of 2018, AC Energy nearly doubled its
net profits to P593 million.
AC Energy has 1.3 MW of conventional
power and around 300 MW of renewable-energy (RE) projects. Its RE projects are
the 52-MW Northwind Power Development Corp. in Bangui, Ilocos Norte; the 81-MW
wind farm in Pagudpud, Ilocos Norte through its affiliate NLREC; and the 18-MW
solar plant in Negros Oriental, a joint undertaking with Bronzeoak Clean Energy
Inc.
Meanwhile, its conventional power
projects include the 668-MW GN Power Dinginin Ltd. Co. coal plant in Bataan;
the 604-MW GNPower Mariveles; the 2×135-MW coal-fired power plant in Calaca,
Batangas, under South Luzon Thermal Energy Corp.; and the 4×135- MW coal-fired
power plant in Kauswagan, Lanao del Norte, in Mindanao through GN Power
Kauswagan Ltd. Co.
The company is currently active in
developing RE projects overseas in a bid to grow its presence in Southeast
Asian markets.
In January Ayala Corp.
announced it divided its energy business into two wholly owned subsidiaries—AC
Renewables Inc. and ACE Thermal Inc.
All renewable assets will be
put under AC Renewables, and its existing thermal-holdings company will be
renamed ACE Thermal. AC Energy remains as its umbrella brand for its
energy group of companies.
Francia said the restructuring will
allow the group more flexibility to pursue developments in renewables and
conventional power.
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