AC Energy Corporation, the energy firm of the Ayala Group, inked subscription agreements totaling PHP 14 billion (USD 274 million) in late December 2021 for its two subsidiaries to support the development of the latter’s renewable energy projects in Luzon.
In two separate disclosures to the Philippine Securities and Exchange Commission (SEC), AC Energy’s subscription agreements went towards the following subsidiaries, effectively making it the majority shareholders of these companies:
- Bayog Wind Power Corp. (BWPC), with PHP7 billion (USD 137 million) worth of subscription value to be used by BWPC to fund continuing works for the construction of the 160 MW Pagudpud Wind Project in Barangays Balaoi and Caunayan, Pagudpud, Ilocos Norte. With an aggregate investment of PHP 11.4 billion (USD 222 million), this project is targeted for completion within the fourth quarter of 2022 and for full commercial operation in the first quarter of 2023. It will be equipped with the latest wind turbines that will be supplied by industrial giant Siemens Gamesa, and each turbine will have a capacity of 5 MW.
- Santa Cruz Solar Energy Inc. (SCSEI), with PHP 7 billion (USD 137 million) subscription agreement to be used by SCSEI to fund the construction of the 283 MW San Marcelino Solar Power project in San Marcelino, Zambales, which is for completion by the first half of 2023.
The above investments by AC Energy Corporation are part of its goal to become the largest publicly listed renewables company in Southeast Asia. Presently, it has about 2,900 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia, and around 80% of this capacity is from renewables. The company is targeting to reach 5,000 MW of renewables capacity by 2025.
(Sources: AC Energy Corporation; Business Mirror; Manila Bulletin)