Driven by fresh equity earnings contribution from its geothermal platform, and boosted by solid contributions from its wind energy assets, AC Energy posted a P3.5 billion net income in 2017, up 31% from the previous year.
This double-digit contribution, together with Ayala Land’s 20% growth and strong equity earnings contributions from the other business units, boosted Ayala Corporation’s 2017 net income by 16% to P30.3 billion.
Excerpt from Ayala Corporation’s Press Release:
“A strong wind regime during the year resulted in increased contributions from NorthWind and North Luzon Renewables. Services income derived from the financial close of a new power plant likewise contributed to AC Energy’s net earnings.
AC Energy continues to execute on its diversification strategy. Following the acquisition of Salak and Darajat Geothermal in Indonesia in early 2017, AC Energy is assembling a portfolio of renewable energy assets in Southeast Asia. It is developing a 75 megawatt wind project in Sidrap, Indonesia, which is expected to come online in the first quarter of 2018.*
Last January, AC Energy, in partnership with BIM Group of Vietnam, agreed to jointly develop over 300 megawatts of solar power projects in Ninh Thuan province, Vietnam. The initial 30 megawatts of the solar project broke ground, with investment for this phase expected to reach 800 billion VND and to be completed within the year. The solar project is envisioned to be expanded by an additional 300 megawatts.
Similarly, AC Energy is boosting its conventional energy portfolio. Last December, the project financing for the second unit of its 2 x 668 MW super-critical coal fired power plant in Bataan, GNPower Dinginin, achieved financial close. AC Energy has approximately 50 percent economic stake in the project, which has an estimated cost of US$1.7 billion. The project will support the increasing electricity demand of Luzon and Visayas. Construction of the first unit is well underway, and is targeted for commercial operations by 2019, with the second unit scheduled for completion by 2020.”
* Sidrap Wind started commercial operations on March 28, 2018.