AC Energy is planning to sell shares in Bataan and Mindanao power ventures.
AYALA-LED AC Energy, Inc. intends to divest its assets in coal-fired power plant projects in Bataan and Lanao del Norte in line with its target of producing more than half of its renewable energy capacity by 2025.
Eric T. Francia, President and Chief Executive Officer of AC Energy, said that the firm has finished the transition of all Philippine offshore properties to the publicly-listed affiliate AC Energy Philippines, Inc. or ACEN, except for certain ventures.
“Ang hindi lang in-infuse na Philippine assets ng AC Energy, Inc. are GNPower plants, both Mindanao, Kauswagan; and ‘yung AA thermal,’ Yung Dingin and Tsaka Mariveles,” he told reporters in an online briefing.
(The non-infused Philippine properties of AC Resources, Inc. are GNPower plants, both those in Kauswagan, Mindanao, and those under AA Thermal, Inc.—projects in Dingin and Mariveles.)
GNPower Causwagan Ltd. Co. is constructing a four-unit, “clean coal-fired power station, each with an equivalent capacity of 138 megawatts (MW) or a cumulative of 552 MW in Kauswagan, Lanao del Norte.
AC Energy has an interest in the 632-MW GNPower Mariveles Coal Plant Ltd. Co. and the GNPower Dinginin Ltd. 668-MW supercritical coal-fired facility. It’s Co. AA Thermal has the interests of AC Resources in the Mariveles and Dingin ventures.
AC Energy, whose name change to AC Energy and Infrastructure Corp. (ACEIC) was licensed by the Stock and Exchange Commission on Nov. 18, is the holding company for ACEN’s energy network.
“‘Yung naiwan kay ACEIC, because we have plans to dissipate those coal-fired plants… we didn’t feel the need to infuse those large coal-fired plants into ACEN,” said Mr. Francia.
He said that ACEN will require between $1.8 billion and $2 billion to help it achieve that goal. He said that the company will experience organizational consolidation in the next two years and that ACEN will aim to collect funds from $500 million to $600 million in growth capital to add to its $700 million cash reserves.
The business aspires to reach 5 gigawatts of attributable power and to produce at least 50 per cent of renewable energy by 2025.