Ayala-led AC Energy Corp. is on a path to powering its operations with 100 percent clean electricity by 2025 as part of its goal to become carbon neutral by 2050.
In a regulatory filing, ACEN said its board approved the transition of the company’s generation portfolio to 100% renewable energy by 2025 to support its goal of net zero greenhouse gas emissions.
Net zero is a global movement to do away with fossil fuels and other sources of emissions wherever possible.
In a bid to achieve its 100 percent renewable energy vision, ACEN is looking at the early retirement of South Luzon ThermalEnergy Corp. (SLTEC) by 2040 or 15 years ahead of its technical life. The retirement will be made via the energy transition mechanism (ETM).
ETM is an innovative funding mechanism that leverages low cost and long-term funding geared towards early coal retirement and reinvestment of proceeds to enable renewable energy.
ACEN has mandated BPI Capital Corp. as lead arranger for the ETM.