MANILA, Philippines – AC Energy Holdings Inc., the power generating arm of conglomerate Ayala Corp., has breached its 1,000-megawatt (MW) capacity target with the construction of the 668-MW GNPower Dinginin project now in full swing.
With the construction of GN Power Dinginin Ltd. Co. (GNPD) coal plant, AC Energy now has a total attributable capacity of 1,088 MW.
AC Energy president and CEO John Eric Francia said the company achieved this milestone through partnerships with various industry players.
“Our ability to partner has been a strong driver in rapidly growing our portfolio. We will continue to grow through partnerships and in the process have a more diversified portfolio,” he said.
The power firm has an attributable capacity of 334 MW from GNPD, where it owns a 50-percent economic stake with US-based GN Power, owned by Nauruan-American firm Power Partners Ltd. Co.
Since it entered the market in 2011, AC Energy now has seven thermal, wind, and solar assets.
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Apart from the Dinginin project, other facilities that make up the 1,000 MW portfolio include the 604-MW GNPower Mariveles, the 2×135-MW coal-fired power plant in Calaca, Batangas under South Luzon Thermal Energy Corp. (SLTEC) and the 4×135- MW coal-fired power plant in Kauswagan, Lanao del Norte in Mindanao through GN Power Kauswagan Ltd. Co. (GNPK).
AC Energy’s portfolio also includes the 52-MW Northwind Power Development Corp. in Bangui, Ilocos Norte and the 81-MW wind farm in Pagudpud, Ilocos Norte through its affiliate North Luzon Renewable Energy Corp. (NLREC). It also recently completed an 18-MW Monte Solar Energy Inc. (Montesol) plant in Negros Oriental, which is a joint undertaking with Bronzeoak Clean Energy Inc.
The company covers an attributable capacity of 26 MW in Northwind, 29 MW in NLREC and 14 MW in Montesol.
In addition to its investment in renewable sources such as wind and solar, AC Energy ensures high environmental standards in its projects by using clean coal technologies such as circulating fluidized bed and super critical technology.
Ayala Corp. chairman and CEO Jaime Augusto Zobel de Ayala said the power unit has started to contribute to the country’s energy infrastructure needs and has become a significant component of Ayala’s portfolio.
“We will continue our significant investments in this space and expect AC Energy to be a key driver of Ayala’s growth and value in the long term,” he said.
The company recorded P2.1 billion in net income in 2015. In 2016, it registered a three-fold growth in its first half earnings compared to the same period last year.