AC Energy Philippines, the power arm of Ayala Corporation, is focusing on building 1,300 megawatts (MW) of power plants by the end of 2020. This is going to be triple its installed capacity even before the firm bought Phinma Energy Corporation in 2018. During the briefing, the firm said that it will be focusing more on a lot of renewables and peaking plants or power-generating plants. Looks like AC’s power arm is doing something great not only for the benefit of the company itself but also for the environment.
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Because of the mission of the company to produce more power plants in the country, it was able to plan new greenfield or power plant projects that will be located in Alaminos, Laguna and Palauig, Zambales at 120 MW and 60 MW respectively. AC Energy’s affiliate property company has a place in Alaminos and it was assessed that a solar field can be put up in the said location. AC Energy Philippines’ target capacity is separate from its parent firm—AC Energy, Inc. Its parent has different power project developments outside the Philippines. There is already board approval for these 2 solar projects and 1 other peaking plant project that will be in Pililia.
The company disclosed last October that it was eyeing at term loan facilities of up to P15 billion while the board of directors was looking into some projects including the greenfield power plants in Alaminos, Laguna, and Pililia, Rizal. With the diesel power project in Pililia, the company will have to start with 150-300 MW. The project started its construction and is expected to be finished by the end of 2020. Before acquiring Phinma Energy, it can be noted that the previous capacity the company had was 430 MW.
Last month, the board of AC Energy Philippines gave formal consent to the plan of the executive committee to enter into a share purchase agreement involving the Philippine Investment Alliance for Infrastructure (PINAI) fund to buy an ownership interest in Philippine Wind Holdings Corporation. This Wind holding is the parent of North Luzon Renewables Energy Corporation—a firm having an 81 MW wind farm situated in Pagudpud, Ilocos Norte. The following companies are what compose the PINAI fund: Macquarie Infrastructure Philippines, the Government Service Insurance System, and Langoer Investments. AC Energy is in the process of signing similar agreements for other projects as well.