AC ENERGY. Corp. is aiming to have a double-digit growth over the next few years amid recent developments such as the company’s plan to fully own UPCJPYAC Renewables Australia.
Eric T. Francia, AC Energy president and chief executive officer, said in a virtual roundtable with reporters on Friday that the company will try to maintain a strong double-digit growth.
“Our aim here really is to have a strong double-digit growth. We’re not going to be contented with a single-digit growth. This is a strong double-digit growth company,” Mr. Francia said.
The Ayala-led energy firm previously said that its board of directors gave the greenlight for its subsidiary, AC Renewables International Pte Ltd., to purchase the 52% interest possessed by its partner, UPC Renewables Asia-Pacific Holdings.
Meanwhile, Mr. Francia said the company is “expressing openness” in terms of continuing to be the operator of the South Luzon Thermal Energy Corp. (SLTEC) even if there is a plan to divest of the asset.
SLTEC runs a 270-megawatt (MW) coal-fired power plant in Calaca, Batangas.
“We want to make sure that you maintain the highest standards of operations and maintenance. So, that is one key consideration that we haven’t decided on yet. An asset divestment does not necessarily translate to a separation or a termination of the operations and maintenance arrangements,” Mr. Francia said.
“This is something that we will have to figure out over the next few months,” he added.
AC Energy currently has an attributable capacity of 2,600 MW in the Philippines, Vietnam, Indonesia, India, and Australia.
The company is eyeing to attain 5,000 MW of renewable energy (RE) capacity by 2025.
On Friday, shares of AC Energy at the stock exchange fell 3.83% or 44 centavos to close at P11.04 apiece. — Revin Mikhael D. Ochave