ACEN targets 20-GW renewable energy capacity by 2030

ACEN Corp. announced on Monday that it has adopted a new corporate vision and strategy that targets 20 gigawatts (GW) of attributable renewables capacity by 2030.

“We are now facing a global energy crisis, and the elevated fuel prices are compounding the tight power supply situation in the country. The world needs to accelerate the energy transition, and the country needs new capacity urgently,” said ACEN Chairman Fernando M. Zobel de Ayala, in a press release.

ACEN said the company’s “bold aspiration” to boost its growth plan by six times from its current renewable energy capacity of 3.4 GW is achievable by 2030.

Currently, ACEN has 18 GW of pipeline projects across the region.

The company also noted that in terms of technology buildup, solar and wind will remain its core energy technologies, complemented by investments in new technologies such as battery energy storage, floating solar, and offshore wind.

Eric T. Francia, president and chief executive officer of ACEN, said the entire organization is committed to “ACEN 2030,” its vision to reach 20 GW of renewables by 2030.

“It is an aggressive goal, though we believe that we have the right elements to succeed. We have a strong balance sheet, robust pipeline, strong partnerships, and a highly energized organization,” he said.

ACEN, the Ayala group’s listed energy platform, also said that it plans to “aggressively” expand its investments in Australia, which is seen to be its second-largest market within the decade.

The company also plans to expand its presence in Vietnam, Indonesia, and India through strategic partnerships.

“The Philippines will remain as the core market, which currently accounts for 40% of total capacity, and is expected to remain at this level,” it said.

ACEN aspires to be the largest listed renewables platform in Southeast Asia. At present, renewable energy sources account for 87% of its attributable capacity.

On Monday, shares in the company inched up by 0.45% or P0.04 to finish at P8.90 apiece on the stock exchange. — Ashley Erika O. Jose