, Philippines

ACEN aims to reach 20GW of renewables capacity by 2030

This is six times higher than the current 3.4GW renewables capacity.

ACEN’s corporate vision and strategy of reaching 20 gigawatts (GW) of renewables capacity, six times higher than its 3.4GW capacity today, has gained the approval of its Board of Directors through its Executive Committee.

In a statement, the company said its renewables capacity would grow by 25% annually until 2030.

“It is an aggressive goal, though we believe that we have the right elements to succeed. We have a strong balance sheet, robust pipeline, strong partnerships, and a highly energized organization,” ACEN President and CEO Eric Francia.

READ MORE: Philippines’ ACEN net income climbs 25% in Q2

A total of 18GW of projects are in ACEN’s pipeline which will help the company achieve the target.

The company added that the Philippines will remain as the core market, accounting for 40% of its total capacity, but it plans to expand investments in Australia, which is expected to be its second-largest market within the decade.

It will also continue to grow its presence in Vietnam, Indonesia, and India and expand its geographical footprint by pursuing strategic partnerships. It added that solar and wind would still be its core energy technologies but it will be complemented by investments in other technologies such as battery energy storage, floating solar, and offshore wind.

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