AC Energy Corp. (ACEN) won two wind contracts under the government’s Green Energy Auction Program.
The two projects with a combined capacity of 230 megawatts will require an investment of around P17 billion.
These are Amihan Renewable Energy Corp.’s 70 MW Caparispisan II wind project and Bayog Wind Power Corp.’s 160 MW Balaoi and Caunayan wind projects.
The projects are located in Ilocos Norte.
ACEN expects to complete the Balaoi wind project by 2023 and the Caparispisan wind expansion by 2024.
Francia said the company did not submit a bid for solar capacity during the auction.
“We struggled to get the economics right for solar,” he said.
The Green Energy Auction Reserve (GEAR) price for solar was placed at P3.6779 per kilowatt-hour (kWh) for solar and wind at P6.0584 per kWh.
ACEN is the listed energy platform of the Ayala Group. It has about 3,800 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia.
The company’s renewable share of capacity is 87 percent, among the highest in the region.
ACEN aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5,000 MW of renewables capacity by 2025.