AC Energy Plans to Sell Coal Plants in Philippines, Boost Renewables Investments

first_img FacebookTwitterLinkedInEmailPrint分享Reuters:MANILA—AC Energy Inc, part of Philippine conglomerate Ayala Corp, on Monday said it could sell a stake of up to 50 percent in its coal-fired energy unit, using funds from the deal to boost its renewables business in Southeast Asia.AC Energy is in talks with potential partners that could be interested in taking a stake in its wholly-owned AC Thermal unit, company officials said, although they declined to identify would-be investors or give any indications on price.“We cannot go on record with respect to valuation,” AC Energy President and CEO Eric Francia said in an email to Reuters on Monday, declining to comment on local newspaper reports saying the sale may raise up to $1 billion.AC Energy’s assets are 80 percent thermal and 20 percent renewable, with a total value of 135 billion pesos ($2.6 billion), according to a recent CLSA report. Its thermal assets include the 632 megawatt GNPower Mariveles coal plant, a partnership with Aboitiz Power Corp’s subsidiary Therma Power and Power Partners, and the 552 MW GNPower Kauswagan, in which it has an 85 percent economic stake.The company expects to expand its overall energy capacity to more than 5,000 megawatts by 2025 from 1,600 MW currently. Following its acquisition of Salak and Darajat geothermal assets in Indonesia in 2017, AC Energy is assembling a portfolio of renewable energy assets in the region this year, including a 75 MW wind project in Indonesia and over 300 MW of solar projects in Vietnam.More: Philippines’ Ayala Looks To Sell Big Stake In Coal Unit, Turn To Renewables AC Energy Plans to Sell Coal Plants in Philippines, Boost Renewables Investmentslast_img