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4-Traders Homepage  >  Equities  >  PHILIPPINE STOCK EXCHANGE, INC.  >  Ayala Corporation    AC   PHY0486V1154

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03/17 AC Energy acquires RE dev't platform
03/14 Ayala 2016 net profit grows 17% to P26B
03/13 AYALA : net income climbs to P26 billion
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AC Energy acquires RE dev't platform

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03/17/2017 | 06:50pm CEST

March 18--Targets 1000MW RE capacity by 2020

AC Energy Holdings (AC Energy), the energy arm of Ayala Corp., is scaling up its renewable energy (RE) assets after the company signed definitive documents to acquire 100 percent ownership of Bronzeoak Clean Energy (BCE) and San Carlos Clean Energy (SCCE).

In a disclosure to the Philippine Stock Exchange (PSE) on Friday, Ayala Corp. said that the acquisition provides the company with a renewable energy development, management and operations platform that has a track record of successful project development.

The platform currently provides operations and management support services to a number of renewable energy generation companies that include San Carlos Solar Energy Inc., Negros Island Solar Energy (Islasol, Monte Solar Energy (Montesol), San Carlos BioPower, South Negros BioPower, and North Negros BioPower.

With the acquisition, SCCE and BCE have been renamed as AC Energy DevCo Inc. and Visayas Renewables Corp., respectively.

"The acquisition provides AC Energy with a strong development and operations organization in order to accelerate its RE expansion," Ayala Corp. said.

"We are excited about this acquisition as it strengthens AC Energy's development capabilities. Bronzeoak is a leading developer of renewable energy projects, and there is so much complementarity between our groups.

With this strong platform, I believe that AC Energy can scale up its renewable energy portfolio to 1,000MW by 2020," AC Energy President and CEO Eric Francia said.

AC Energy's goal is to grow its portfolio of conventional and renewable energy to 2,000 MW by 2020, the company said.

Last year, AC Energy reached its target capacity of 1,000 megawatts (MW) and is now positioned to deliver an additional 1,000 MW of mostly renewable energy by 2020.

It can be recalled that AC Energy recently acquired the geothermal assets of Chevron in Indonesia and the Philippines.

Five years since it entered the market in 2011, AC Energy now has seven thermal, wind, and solar assets: the 604 MW GNPower Mariveles and 668 MW GNPower Dinginin in Bataan; 244 MW South Luzon Thermal Energy in Batangas; 552 MW GNPower Kausawagan in Lanao del Norte; 81 MW North Luzon Renewable and 52 MW NorthWind Power in Ilocos Norte; and 18 MW Montesol in Bais, Negros Oriental.

Five of the plants are operational, which collectively deliver about 1,000 MW of power to the grid. The two plants under construction (GNPower Kauswagan and GNPower Dinginin) will add another 1,200 MW to the grid in 2018 to 2019.

AC Energy is one of the four companies that recently submitted expressions of interest in the bidding for the 650-megawatt Malaya Thermal Power Plant Complex (MTPP) in Pililia, Rizal, which was supposedly scheduled for March 8 but was moved to March 30 this year.

___

(c)2017 The Manila Times (Manila, Philippines)

Visit The Manila Times (Manila, Philippines) at www.manilatimes.net

Distributed by Tribune Content Agency, LLC.

© Tribune Content Agency, source Regional News

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Financials ( PHP)
Sales 2017 225 526 M
EBIT 2017 43 575 M
Net income 2017 26 507 M
Debt 2017 221 201 M
Yield 2017 0,61%
P/E ratio 2017 20,05
P/E ratio 2018 17,22
EV / Sales 2017 3,30x
EV / Sales 2018 3,00x
Capitalization 524 070 M
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Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 897  PHP
Spread / Average Target 6,1%
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Managers
NameTitle
Jaime Augusto Zobel de Ayala Executive Chairman & Chief Executive Officer
Fernando Zobel de Ayala Vice Chairman, President & Chief Operating Officer
Jose Teodoro K. Limcaoco CFO, Chief Risk Officer, Group Head-Finance & MD
Delfin Lapus Lazaro Non-Executive Director
Xavier Pardo de Tavera Loinaz Independent Director
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