- Represents 6x growth from 3.4 GW renewables capacity today
- Bold aspiration set amidst the global energy crisis and the imperative to accelerate the energy transition
- Philippines will remain as the core market, which currently accounts for 40% of total capacity
The ACEN Board of Directors through its Executive Committee approved the corporate vision and strategy targeting 20 GW of attributable renewables capacity by 2030.
This represents 6x growth from 3.4 GW of renewables capacity today, or a 25% compounded annual growth rate up to the end of the decade. ACEN currently has 18 GW of pipeline across the region, which will help with the achievement of the company’s 2030 goals.
The Philippines will remain as the core market, which currently accounts for 40% of total capacity, and is expected to remain at this level. The company also plans to aggressively grow its investments in Australia which is expected to be its second largest market within the decade.
ACEN will also continue to grow its presence in Vietnam, Indonesia and India, and expand its geographic footprint through strategic partnerships.
Solar and wind will remain as core energy technologies, complemented by investments in new technologies such as battery energy storage, floating solar, and offshore wind.
Fernando Zobel de Ayala, ACEN chairman, said: “We are now facing a global energy crisis, and the elevated fuel prices are compounding the tight power supply situation in the country.
The world needs to accelerate the energy transition, and the country needs new capacity urgently. We believe that it is an opportune time for ACEN to set bold renewable targets for 2030, and help address the challenges that we are confronted with.”
Eric Francia, ACEN president and CEO, said: “The entire organization is committed to ACEN 2030, which is our vision to reach 20GW of renewables by 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.”