AC Energy (ACEN) has set an ambitious target of reaching 20 GW of renewable energy capacity by 2030, cementing its position as a leader in the global energy transition.
Despite facing challenges from the geopolitical events such as the war in Ukraine and supply chain disruptions, the company remained committed to expanding its renewable energy portfolio in key markets such as the Philippines, Australia, Vietnam, India, and Indonesia.
By the end of 2022, ACEN had over 4,000 MW of net attributable capacity, with 98% coming from renewable technologies. The company divested its South Luzon Thermal Energy Corporation coal plant, using the Energy Transition Mechanism framework. This landmark transaction will enable the early retirement and transition to a clean technology of the 246 MW coal plant in Batangas by 2040, reducing its operating life of up to 50 years by half and avoiding up to 50 million metric tons of carbon emissions.
ACEN completed the year with a net DE ratio of 0.2, providing ample capacity to fund new investments. The company issued its maiden peso-denominated Green Bonds worth ₱10 billion to finance over 500 MW of solar projects in the Philippines. ACEN aims to deliver reduction-led decarbonization by 2040, with an interim target for 2030, and a Net Zero status by 2050.
The global energy crisis has intensified the demand for governments and businesses to adopt a sustainable development strategy, pushing renewable energy to an unprecedented level of importance. ACEN is excited to play a leading role in this historic shift towards a low-carbon future. The Philippines remains ACEN’s core market, accounting for 40% of the company’s generation portfolio. Overseas, Australia is its largest market, comprising 25% of its generation portfolio.
In conclusion, ACEN remains committed to expanding its renewable energy portfolio despite global challenges. The company's divestment of its coal plant and issuance of green bonds demonstrate its dedication to a low-carbon future. ACEN's targets for decarbonization and net-zero status show that the company is taking a proactive approach to address the climate crisis. As the world increasingly moves towards sustainable development, ACEN's role as a leader in renewable energy will become increasingly important.
Source: solarquarter.com