AC Energy Corp. will focus on solar and wind projects for its pipeline of local renewable energy projects.
Eric Francia, AC Energy president and chief executive officer, said at the company’s virtual annual stockholders’ meeting yesterday they now have over 1,000 megawatts (MW) of attributable capacity in the Philippines, with almost half coming from renewable sources.
“We expect the share of renewables to significantly grow over time as the company focuses on scaling up its investments in solar and wind farms,” Francia said.
He added due to the intermittency of solar and wind farms, AC Energy is also active in developing battery storage projects in addition to its renewable power plants and a 4 MW laboratory facility to test technologies.
Francia said the facility will help the company learn the “real world performance” of different technologies including solar and battery storage.
AC Energy’s wholly-owned subsidiary, Giga Ace 4, Inc. is developing a 2×20 MW battery energy storage project in Alaminos, Pangasinan.
The company expects to have over P30 billion available funding this year to achieve a portfolio of renewable energy to 2,500 MW by yearend.
AC Energy’s current renewable portfolio is 1,350 MW, of which 900 MW are located outside the Philippines.
The company targets to reach a renewable energy portfolio of 5,000 MW by 2025. – Jed Macapagal
