AYALA-LED AC Energy, Inc. said on Monday that its “attributable” capacity in both operating and under-construction power plant projects had jumped past 1.8 gigawatts (GW) in 2019, reaching more than a third of its target in the next five years.

In terms of energy output, its attributable share in the projects jointly developed with partner companies rose by 25% to 3,500 GW-hours (GWh), with renewable energy sources making up half of the total.

“As we shift our portfolio towards renewable energy, AC Energy has developed a pipeline of more than 1,000 MW (megawatts) in various renewable projects in the Philippines and overseas that are expected to reach financial close within 2020,” AC Energy President and Chief Executive Officer Eric T. Francia said in a statement.

Some of the projects are under joint ventures, thus attributable capacity tracks only the company’s share in energy assets in the Philippines, Indonesia and Vietnam.

Ayala Corp.’s power generation arm also reported net earnings of P25 billion last year on the back of its expanded solar projects, cost recovery from power plants, and gains from divesting some of its thermal assets. It did not disclose a comparative figure for 2018.

AC Energy targets to hit at least 5,000 MW — or 5 GW — of attributable energy capacity in the next five years and generate at least 50% of energy output from renewables by 2025.

Last year, the company raised a total of $810 million from its issuance of two US dollar-denominated green bonds for its renewables investment. Its maiden Climate Bond Initiative-certified green bond had fetched $410 million, while its senior perpetual fixed-for-life green bond, a first of its kind in the world, picked up $400 million.

“With the electricity demand continuing to exhibit strong growth on the back of a robust economy across the region, as well as improvements in renewable energy cost and efficiency, we will continue to expand and diversify our generation capacity, and we will make significant strides towards our goal in becoming the leader in renewable energy across the region,” Mr. Francia said.

The Ayala energy unit has allocated investments of more than $1 billion to renewable and thermal energy projects in the Philippines and around Southeast Asia.

The company has committed to expand its renewable energy assets in the region and has identified the Philippines, Indonesia, Vietnam, Australia, India and Myanmar as target markets. — Adam J. Ang