Geothermal and wind assets push results of AC Energy, Philippines
AC Energy, the energy arm of Ayala Group in the Philippines, reports growth of income for 2017, following the contributions of its wind operations and its acquired geothermal assets and operations in Indonesia.
Having reported this week on the restructuring of Ayala Group’s energy business into AC Energy (including a specific renewables holding company), AC Energy now reports on financial results for the past year.
The company sees consistent bottom-line growth in the medium term (two to three years), following directly the contributions from the company’s wind farms, geothermal acquisitions, and new power projects.
“Last year, we’ve had a good wind regime. Plus, geothermal investment [is] accretive starting April, so that added to our equity earnings. Those were the two significant contributors,” AC Energy CEO John Eric Francia said. He foresees a consistent growth in the next three to four years, with good momentum.
AC Energy, together with partners acquired Chevron’s geothermal assets and operations in Indonesia in 2017.
This includes the Darajat and Salak geothermal fields in West Java which has a combined capacity of 637 MW of steam and power.
Source: Power Philippines