AC Energy Corporation (ACEN), a subsidiary of Ayala Corporation, has stated its intention to convert its entire generation portfolio to renewable energy (RE) by 2025. This involves the sale of coal assets and the expansion of the company’s RE portfolio in both the Philippines and international markets.
The ACEN board has also approved the purchase of UPC Renewables Asia Pacific Holdings Private Limited and Anton Rohner’s remaining 51.6 per cent ownership interest in UPC-AC Renewables Australia for approximately USD243.3 million. AC Energy will acquire 100 per cent control of the renewables development platform as a result of the purchase.
The board has also approved the company’s target to achieve net zero by 2050. Through the application of the Energy Transition Mechanism, the firm plans to retire South Luzon Thermal Energy Corporation by 2040, 15 years ahead of its technical life.