Ayala-led ACEN is currently looking at opportunities for offshore wind energy locally, particularly in Batangas and Manila Bay, as well as in the region.

“Offshore wind is one of the new technologies were are currently exploring. We have identified possible sites in the Philippines and Vietnam where we’re currently pursuing studies and pre-development work,” ACEN Chief Development Officer Jose Maria Zabaleta said during the company’s annual stockholders meeting on Monday.

The statement comes after the World Bank Group launched its Offshore Wind Roadmap for the Philippines with the Department of Energy wherein the Philippines has an estimated 178 gigawatts of potential offshore wind resources, 

According to the World Bank, one gigawatt worth of offshore wind projects can be established in the Manila area under its “high growth scenario.” 

Zabaleta said that ACEN has secured wind service contracts for the Batangas and Manila Bay sites, which are likely to be medium or larger initiatives depending on the commercial, financial and technical feasibility of the potential prices. 

“We continue to track these new technologies closely alongside floating and tracking solar through our development platforms,” Zabaleta said.  

Meanwhile, ACEN is looking to invest around Php56 billion in capital expenditures for 2022 to fund new projects to achieve its 5,000-megawatt (MW) all-renewable energy target by 2025. 

“Our vision to become the largest listed renewable energy platform in Southeast Asia by 2025 is within reach, through aggressive expansion funded by our leadership in sustainable financing,” ACEN said in its integrated report. 

ACEN now has 3,800MW of attributable capacity in its portfolio after adding 800 MW during the first quarter, surpassing its 3,000MW goal for 2022. The company has also increased its project pipeline to 18,000MW. 

“These efforts put us in a position to reach our 5,000MW goal, one or two years ahead of the 2025 target,” ACEN President and CEO Eric Francia said. 

ACEN recently energized its 72MW Arayat-Mexico solar farm in Pampanga with Citicore Renewable Energy Corporation. It is also gearing up 1,000 MW worth of solar farms across Asia with Berlin-based ib vogt.