AC Energy, Ayala Corp.’s energy-holding company, is looking at more renewable-energy (RE) investment opportunities in the Asia-Pacific region to achieve a balanced mix of its renewables and thermal portfolios by 2025.
In an interview, AC Energy President Eric Francia said the company would need to seal “a lot” of partnerships to achieve its goal—a 50-50 split between thermal and RE.
“It’s going to be a lot. I think we still need at least one major market or partner for RE for us to be on track. Right now, we are on track; it’s just to be even more comfortable we’re looking at one more major market,” Francia said.
AC Energy has yet to set a timetable for its next investment overseas. “No real rush because we have enough to keep us busy for the next three years. But at some point, to accelerate our growth, we need another major platform.”
By 2025 the company expects to expand its overall energy capacity to more than 5,000 megawatts from 1,600 MW currently. Its energy mix includes 1,300 MW in thermal energy and 300 MW in renewables.
“We are now tracking to close 80-20. If we don’t do anything to close that gap, it’s going to be hard. So, by seeking investors and allowing a dilution achieve two things: strike better balance between thermal and RE and the capital we will generate will be used for our plans oversees,” Francia said.