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.
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