ACEN Corp, the energy unit of the Ayala group, has planned to commence operations of 700 MW of solar and wind projects in the Philippines in 2023.
According to the company, it is currently building over 1,000 MW of solar and wind projects in the Philippines. Out of this, around 700 MW is likely to start operations within this year.
Eric T. Francia, President and Chief Executive Officer of ACEN, informed that the “facilities would help alleviate the supply pressure and also help the country achieve its renewable energy targets.”
To be noted, the Philippines aims to increase the share of renewable energy in its energy mix to 35% by 2030 and 50% by 2040.
As per the statistics of Departmsent of Energy, coal accounts for the biggest share in the generation mix with 57.5%, while the share of renewables stands at 23.4% last year.
ACEN suggested that the country should incorporate more energy storage in the system to boost renewables.
Meanwhile, ACEN aims to achieve net-zero greenhouse gas emissions by 2050, with 20 gigawatts of renewable capacity by 2030.