MANILA, Philippines — ACEN Corp., the listed power platform of the Ayala Group, will set aside P72 billion in capital expenditures (capex) this year for the development and expansion of renewable energy projects here in the Philippines and abroad.
In a briefing on Wednesday, ACEN President and CEO Eric Francia said the budget allocation for 2024 is a portion of the $15 billion (approximately P862.5 billion) the company is expected to spend up to 2030 to hit its target of 20 gigawatts (GW) of renewable energy capacity.
ACEN chief finance officer Jonathan Back said that for this year, more than P40 billion would be earmarked for clean energy projects in the Philippines.
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According to Francia, the investment in renewables is roughly $1.6 billion for every 1.6 GW.
“We ended last year with cash in our balance sheet of just under P40 billion. That’s obviously going…
