The Market Monitor Minding the Nation's Business
AC Energy Holdings Inc. (ACE) is optimistic of meeting its 1,000-megawatt (MW) target capacity by 2016, President and Chief Executive Officer (CEO) John Francia said.
“We are now about 700 MW, but we still have (more projects in the) pipeline. So hopefully, we still have a year and a half to go to commit at least 300 MWs of attributable capacity,” Francia told reporters.
He added that the firm has not yet updated its 1,000-MW target attributable capacity since 2011.
Some of its ongoing projects are the 540- MW GN Power Kauswagan coal-fired power plant in Lanao del Norte and the 1,200-MW GN Power Mariveles Co. Ltd. expansion project in Mariveles, Bataan.
It has a 17.82-percent stake in GN Power Mariveles Coal Plant Ltd. Co., which will be built with Chinese firm Power Partners Limited Co.
The company also has a stake in the 270-MW Calaca coal fired power plant in Batangas, which is a joint-venture project with Trans-Asia Oil and Development Corp.
Last year, AC Energy reported it has completed several renewable energy (RE) projects, such as the 52-MW Northwind Power Development Corp. wind farm in Bangui, Ilocos Norte; and the 81-MW wind farm by North Luzon Renewable Energy Corp. (NLREC) in Pagudpud, also in Ilocos Norte.
The two wind farms hiked Ayala’s wind power capacity to 133 MW.
AC Energy develops and operates power-generation facilities ranging from solar, wind, and mini-hydro energy. It was formerly known as Michigan Power Inc. and changed its name to AC Energy Holdings, Inc. in May 2011. PNA