AC Energy eyes P30B funding

    373

    AC Energy expects over P30 billion in available funding this year to further push its portfolio of renewable energy (RE) to 2,500 megawatts (MW) .

    Eric Francia, AC president and chief executive officer, said fund-raising activities are lined up this year including the recently-concluded stock rights offering; a private placement of 4 billion primary shares to GIC Private Ltd.; a follow-on offering; infusion of international assets; and a secondary share component of the GIC placement.

    “We’re currently close to 500 MW, around 450 MW (of RE) in the Philippines. Between our operating and under construction for renewables, we plan to add another 500 MW, hopefully we can more than double it and hopefully we can hit actually 1000 MW in the Philippines alone by 2021,” Francia said in a virtual briefing yesterday.

    He said funds raised will also represent advanced funding for future projects.

    Francia said after the fund raising, AC Energy and Infrastructure Corp. will own 62 to 65 percent of the company; GIC, 17.5 percent and; public,16 to 18 percent.

    AC Energy is confident its target of achieving 5 gigawatts (GW) RE is doable as its current renewable portfolio is at 1,350 MW, 900 MW of which are located outside the Philippines.

    “We expect to add 500 MW in the Philippines and we have significant projects in Australia and India for this year. Between Philippines, Australia and India, I would expect that 1,350 MW to breach 2.5 GW. With all these capital raising and opportunities we see, I hope to exceed 5 GW by 2025,” Francia said.