AC Energy [ACEN:PM] (ACEN), an energy provider in the Philippines, stated on August 5 that it would unit with asset manager NEFIN Holding to set up a 50-50 rooftop solar joint venture (JV) through its subsidiary AC Renewables International (ACRI), according to Renewables Now on August 6. In the beginning, the new firm will hold operating assets amounting to 21 megawatts (MW), and ACRI will inject USD10m in the JV as the initial investment with pledging further investments for its future business expansion. The JV will be responsible for the development, construction, and operation of solar rooftop projects in Asian countries and regions such as the Chinese Mainland, Hong Kong, Taiwan, and Malaysia.
AC Energy has a target of being the largest listed renewables company in Southeast Asia with a 5,000MW renewable energy capacity by 2025. For its performances over the first half of this year, ACEN’s attributable capacity increased from 1,659MW in 1H20 to 2,589MW, with 1,047MW under construction. Specifically, the renewables capacity was 2,070MW, doubled from the same period prior. In the meantime, its output reached 2,224 gigawatt-hours (GWh), jumping up 16% YoY, with 52% from renewable energy. ACEN also reported a 35% YoY growth in revenue to PHP13.4bn (USD266.2m) and a 5% profit growth to PHP2.7bn (USD53.6m) in 1H21. As another owner of the new JV, NEFIN specializes in renewable energy investments, and previously delivered over 300MW of utility-scale, commercial, and industrial rooftop solar systems in Asia.
ACEN has taken efforts to expand its renewables portfolio in recent years. Apart from the solar JV, ACEN announced in May that it was developing the biggest wind farm in the Philippines. It planned to complete the 160MW wind farm by the end of 2022 and began its operation in 2023. According to Jose Maria P Zabaleta, ACEN’s chief development officer, the farm would be the country’s largest and cheapest supplier of green energy. The company has reached a milestone in nearby countries as well. As of this July, the company’s total renewables capacity reached 1,000MW in Vietnam, its largest foreign market, including 525MW for its operating sustainable farms in operation and 440MW from uncompleted projects.