AC Energy Inc., the power unit of Ayala Corp., said it targets to exceed 5,000 gigawatts of power generation capacity by 2025.
“Our goal is to exceed five gigawatts of capacity by 2025. We will do this by growing both in the Philippines and around the region, “AC Energy president and chief executive John Eric Francia said.
Francia said AC Energy was prepared to invest “over $2 billion of equity” to reach its 5-GW generation portfolio. He said the company was looking at a mix of 50-percent renewables and 50-percent coal projects.
AC Energy said this year, it was expecting to reach 1,800 MW of attributable capacity.
“From a standing start, AC Energy has quickly grown into a significant power company. In just five years, it was able to exceed a thousand MW of capacity with strong platforms in both thermal and renewable energy,” Ayala Corp. chairman Jaime Augusto Zobel de Ayala said.
He said Ayala saw the potential of the power industry as a sustainable business and a crucial driver for the nation’s progress. He said the country needed reliable and affordable power while reforms in the industry also enabled more open competition and opportunities.
“We’ve always viewed such structural shifts in an industry as opportunities for Ayala to make an impact and create value. This is why we decided to throw our hat in the ring of the power sector,” Ayala said.