ACEN, the power unit of the Ayala Group, has approved the 20 gigawatts (GW) of attributable renewables capacity target by 2030.
“We are now facing a global energy crisis, and the elevated fuel prices are compounding the tight power supply situation in the country. The world needs to accelerate the energy transition, and the country needs new capacity urgently.
We believe that it is an opportune time for ACEN to set bold renewable targets for 2030, and help address the challenges that we are confronted with,” ACEN chairperson Fernando Zobel de Ayala said in a stock report on Monday.
The corporate vision and strategy represented a six times growth from its existing capacity of 3.4 gigawatt (GW) of clean energy, or a 25 percent compounded annual growth rate up to the end of the decade.
Confident on hitting goal
ACEN’s current 18 GW of pipeline across the region will help the company achieve its targets.
“It is an aggressive goal, though we believe that we have the right elements to succeed. We have a strong balance sheet, robust pipeline, strong partnerships, and a highly energized organization,” ACEN president and CEO Eric Francia said.
According to ACEN, the Philippines will remain as the core market, which currently accounts for 40 percent of total capacity, and is expected to remain at this level.
The company has 4,000 megawatts of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia, with a renewable share of 87 percent, which is among the highest in the region.