Ayala’s AC Energy to sell 50% of coal ops, push up renewables - report
Wind farm in the Philippines. Author: Jojo Nicdao. License: Creative Commons. Attribution 2.0 Generic
AC Energy, the energy arm of Philippine’s Ayala Corp (PSE:AC), intends to sell up to 50% of its coal energy assets in order to expand its renewables business, Reuters reports.
AC Energy’s power generation fleet, including thermal electric and renewable, has a combined capacity of 1,600 MW and has an estimated value of USD 2.6 billion (EUR 2.2bn), according to investment group CLSA. Renewables constitute around 20% of the overall portfolio.
AC Energy has set a goal to have 5,000 MW of power generation capacity by 2025. It plans to expand within the Southeast Asian region and lift the share of renewables in its power mix to 50% by the same year, a company spokesperson told Reuters.
Separately, the Philippine firm’s president and CEO Eric Francia told the news agency that AC Energy is willing to partner with local and foreign investors for the unit. Talks are ongoing with potential partners and a final decision on the sale is expected to be taken within the year, he added without commenting on the expected valuation. According to local media reports, the sale of the particular assets could bring AC Energy USD 1 billion.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.