An energy company subsidiary of the Ayala Group called ACEN Corp. has poured in fund additional fund for the construction of its wind project in Ilocos Norte.
The ACEN fresh investment “will subscribe to 3.61 million redeemable preferred D shares, 2.97 million redeemable preferred E shares of Bayog Wind Power Corp. (BWPC) at P100 per share for a total amount of P677.36 million.” As reported, the subscribed amount would be used by BWPC for its on-going construction of the 160-megawatt (MW) Pagudpud wind project located in its Barangays Balaoi and Cauayan. The Pagudpud wind project had an initial cost of P11.4 million, started in May 2021
ACEN aims to meet the company’s generation portfolio to be 100 percent renewable energy powered by 2025. The Ayala Group subsidiary has earmarked P50 to P70 billion expenditures in 2023 to enhance its planned renewable energy transition. Also, it aims to be the “largest listed renewable platform in Southeast Asia, with a goal of reaching 20 gigawatts o renewables capacity by 2030.”
MY COMMENT:
News about tapping the renewable energy sources of the Philippines, I believe is key to the country’s quest for energy security. ACEN’s efforts to transition to renewable energy sufficiency is worth of emulation. Likewise, are the other domestically- and foreign-funded on-going R E ventures. Indeed, next matter I wished addressed is food security, especially availability of rice in the market produced by Filipino farmers. I despise the ‘knee-jerk’ solution to offset rice supply shortage by resorting to importation.
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