September 22, 2016
from Business Mirror
AC Energy Holdings Inc., the power-development arm of the Ayala group, has achieved its target to build 1,000 megawatts (MW) of power capacity.
AC Energy President John Eric Francia said the company achieved this milestone through partnerships with various industry players.
“Our ability to partner has been a strong driver in rapidly growing our portfolio. We will continue to grow through partnerships and in the process, have a more diversified portfolio,” he said.
The company is building a portfolio of power-generation assets using renewable and conventional technologies.
As of Thursday, the power firm said it reached over 1,000 MW of attributable capacity with the full-swing construction of the 668-MW GNPower Dinginin project, where Ayala’s power investment arm has a 50-percent economic stake.
AC Energy now has seven thermal, wind and solar assets: 604-MW GNPower Mariveles and 668-MW GNPower Dinginin in Bataan; 244-MW South Luzon Thermal Energy in Batangas; 552-MW GNPower Kausawagan in Lanao del Norte; 81-MW North Luzon Renewables and 52-MW NorthWind Power in Ilocos Norte; and 18-MW Montesol in Bais, Negros Oriental.
Five of the plants are operational, which collectively deliver about 1,000 MW of power to the grid. The two plants under construction (GNPower Kauswagan and GNPower Dinginin) will add another 1,200 MW to the grid in 2018 and 2019.
AC Energy entered the market in 2011.
In addition to its investment in renewable sources, such as wind and solar, AC Energy said it ensures high environmental standards in its projects by using clean-coal technologies, such as circulating fluidized bed and super critical technology.
The company recorded P2.1 billion in net income in 2015. In 2016 it registered a 2.9-percent growth in its first-half earnings compared to the same period last year.
“AC Energy has started to contribute to the country’s energy infrastructure needs and has become a significant component of Ayala’s portfolio. We will continue our significant investments in this space and expect AC Energy to be a key driver of Ayala’s growth and value in the long term,” Ayala Corp. Chairman and CEO Jaime Augusto Zobel de Ayala said.