ACEN to invest $15b to quadruple capacity by 2030

It aims to expand its capacity to 20GW.

Philippine-based ACEN announced plans to raise $15b to quadruple its renewables capacity in six years.

In a regulatory filing, the company said that part of its 2030 targets is to increase its attributable renewables capacity from 5 gigawatts (GW) to 20GW. This will be funded by the $15b new capital it intends to raise through a mix of debt and equity.

The debt will be composed of both corporate debt and project financing, weighted toward the latter. The equity portion, meanwhile, will in turn be a mix of asset sales, internal cash flow, and new issuances, ACEN said.

In May, ACEN said its net income grew by 34% year-on-year in the first quarter to reach $47.1m (PHP2.7b) driven by the significant increase in the company’s renewable energy output.