AC Energy president John Eric Francia told local media that they aim to achieve the power generation capacity in the next five years.
Francia said the initial estimate was P40 billion but this was increased eventually with the additional 1,000-MW capacity goal by 2020, and that around 60 per cent of this could be spent on renewable energy, like solar, wind, including geothermal projects.
The executive noted AC Energy could cater to both local and foreign power markets.
The increased investment would likely involve acquisitions, greenfield project developments, among others, not just in the Philippines but also other nations in Southeast Asia.
Francia added the company hopes to start its planned 100MW wind power project in Indonesia within the year, and is considering Myanmar as another offshore market.
AC Energy recently claimed that it has reached over 1,000-MW of attributable capacity with the full-swing construction of the 668-MW GNPower Dinginin project, where Ayala’s power investment arm has a 50 per cent economic stake.
Having posted a net income of P2.1 billion in 2015, AC Energy looks forward to achieving a P5 billion net income by 2020.
The company’s first half earnings in 2016 registered 2.9x growth compared to the same period last year.
Five years since it entered the market in 2011, AC Energy now has seven thermal, wind, and solar assets, such as the 604 MW GNPower Mariveles, and 668 MW GNPower Dinginin in Bataan; 244 MW South Luzon Thermal Energy in Batangas; 552 MW GNPower Kausawagan in Lanao del Norte; 81 MW North Luzon Renewables and 52 MW NorthWind Power in Ilocos Norte; and 18 MW Montesol in Bais, Negros Oriental. Five of the plants are operational, which collectively deliver about 1,000 MW of power to the grid. The two plants under construction (GNPower Kauswagan and GNPower Dinginin) will add another 1,200 MW to the grid in 2018 and 2019.