In just five years of existence, AC Energy reached 1000MW of attributable capacity in 2016. The company recently set a new target of reaching 2000MW of attributable capacity by 2020, of which 1000MW will be renewables. It currently has ~1300MW of capacity, including ~300MW of renewables. AC Energy is in the midst of transformation. From a Philippine-focused energy investment holding company, AC Energy is now transforming itself to become a regional energy platform with investment, development, operations and retail capability. “AC Energy is at a critical inflection point. Our transformation is enabled by rapid organic growth and key strategic acquisitions”, says Eric Francia, President and CEO of AC Energy.
The company recently achieved two major milestones. AC Energy, through a consortium with Star Energy and EGCO, won the bid for Chevron’s geothermal assets and operations in Indonesia in December 2016. Immediately thereafter, AC Energy broke ground to start construction of a 75MW Sidrap wind farm in Sulawesi, Indonesia which is the country’s first commercial wind farm. AC Energy plans to expand its presence in Indonesia beyond these two assets by working with existing partners to pursue expansion and greenfield projects.
The company is also studying other market opportunities within the region. AC Energy President and CEO Eric Francia added that “while it will take time to strengthen our presence in Indonesia, we have started to look around the Southeast Asia region and we hope to make our second regional investment in about 12-18 months.”
Development and operations platform
AC Energy recently acquired Bronzeoak Clean Energy (BCE) and San Carlos Clean Energy (SCCE), as the company ramps up its development and operations capability especially in the field of renewable energy. Bronzeoak Philippines group is one of the leading renewable energy developers, having developed over 250MW of solar and biomass projects. SCCE and BCE have been renamed as AC Energy DevCo and Visayas Renewables Company respectively. “Our newly integrated development platform is a critical element that will help AC Energy attain the goal of tripling its renewable energy capacity to 1000MW by 2020”, says Mr. Francia.
An active participant in retail electricity
AC Energy is also committed to become a key player in the Retail Electricity Supply market, providing contestable customers with simple and compelling solutions. AC Energy Retail’s first customer went live in December 2016. The company currently has over 50MW of switched and committed customers, and continues to grow as customers choose their respective retail electricity suppliers. “The big winners in the RCOA push are the contestable customers, who are enjoying attractive offers given the intense competition”, Mr. Francia added.