ACEN Corp. is allotting as much as P70 billion for capital expenditures next year, a 40 percent increase from this year’s expected total spending of P50 billion.
“We are forecasting P50 billion in capex across all geographies for full year 2024. In 2025, we expect to spend roughly P70 billion,” said Eric Francia, ACEN president and chief executive officer, in a statement over the weekend.
The company said this capex will help the achieve its goal of hitting a 20,000 megawatts (MW) renewable energy (RE) capacity by 2030.
ACEN s expects to complete 1,200 MW worth of RE capacity by end of next year.
Francia said projects to be completed before end-2025 are those being developed in the Philippines, Lao and India.
“We’re now at 6.8 gigawatts (6,800 MW). That’s operating, under construction and committed. Committed means board approved,” Francia recently said.
ACEN said from the 6,800 MW, 45 percent is operational, 34 percent is under construction and the remaining 21 percent is committed.
The company said projects up for completion by next year are: 146 MW from the Monsoon wind project in Lao PDR; 520 MW from Stubbo solar in Australia; 60 MW from a solar project in Pangasinan; 109 MW from the Stockyard wind project in Texas; 123 MW from a solar hybrid project in India; 160 MW from a wind project in Pagudpud, Ilocos Norte; and another 57 MW from the Capa wind project also in Pagudpud.
ACEN as a group, aims to increase its RE capacity to 20,000 MW by 2030 to help provide clean, reliable and affordable energy to more people and to also become a Net Zero greenhouse gas emissions company by 2050.
Apart from the Philippines, Australia, India, Lao PDR and the United States of America, ACEN also has projects in Indonesia, Vietnam, Bangladesh and Taiwan.
