ACEN CORP. targets to operationalize power projects with a combined capacity of approximately 1.2 gigawatts (GW) by the end of next year, according to the company’s president.
The company is expanding its renewable energy presence within and outside the Philippines, ACEN President and Chief Executive Officer Eric T. Francia told reporters on Monday.
Among the big-ticket energy projects expected to be completed in 2025 is the 520-megawatt (MW) Stubbo Solar in New South Wales, Australia, through its subsidiary ACEN Australia.
Other international projects set to beef up the company’s global presence are the 146 MW Monsoon Wind project in Laos, the 123-MW hybrid solar and wind project in India, and the 109-MW Stockyard Wind project in Texas, United States.
“It’s on track to operate,” Mr. Francia said, referring to the development of the Laos wind project.
Back home, ACEN is set to energize the 160-MW Pagudpud and 57-MW Capa Wind projects, both in Ilocos Norte, and the 60-MW Pangasinan Solar project.
This pipeline of projects forms part of the company’s 6.8-GW portfolio of attributable renewable capacity in operation, under construction, and committed projects.
The company operates across a diverse range of markets, including the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the US.
“ACEN’s renewable capacity has grown to almost seven GW, in line with the strong momentum behind the energy transition in the region. The company continues to focus on execution, especially for projects in construction and under development,” Mr. Francia said.
To ensure technical operations and maintenance of its local operations, ACEN has subscribed to additional shares in its subsidiary Paddak Energy Corp. worth a total of P11.75 million.
In a stock exchange disclosure on Monday, the company said it signed a subscription contract with Paddak for the subscription to the latter’s 1.175 million common shares and 10.575 million preferred shares at P1 each.
“The subscription will allow ACEN to have full ownership in Paddak, which will provide technical operations and maintenance-related services to ACEN’s Philippine operating companies,” the energy company said.
Paddak is ACEN’s designated company that will provide technical operations and maintenance-related services to ACEN’s Philippine operating companies.
The company said it will partially pay the subscription price amounting to P2.94 million.
Amid these developments, the Department of Energy (DoE) has recognized ACEN’s “significant contribution to advancing clean energy solutions” as it was named a winner at the agency’s Sustainable Energy Awards 2024.
In particular, ACEN’s 81-MW North Luzon Renewables (NLR) wind project in Pagudpud, Ilocos Norte, was recognized under the category of Renewable Energy Projects in On-Grid Areas for its “outstanding role in fostering a secure, reliable, clean, and resilient energy sector.”
The project generates approximately 205,000 megawatt-hours of clean energy per year, powering around 50,000 homes.
“The success of NLR reflects ACEN’s unwavering commitment to sustainability and our vision of a renewable energy-powered future,” Mr. Francia said.
“This recognition from the DoE affirms the impact of our initiatives in addressing both environmental challenges and the socioeconomic needs of our host communities,” he added. — Sheldeen Joy Talavera