ACEN exploring tie-ups in wind projects
ACEN Corp., a listed renewable energy producer, is on the lookout for potential partners to accelerate its entry into the country’s emerging offshore wind market.
Its president and chief executive Eric Francia said ACEN has at least three offshore wind energy service contracts from the Department of Energy (DOE).
However, he said the group may take over five years “before we can be comfortable getting into financial investment decisions.”
This, as pursuing offshore wind projects is highly specialized and demands hefty capital. Data from the World Bank Group showed that offshore wind facilities require a significant upfront budget, usually ranging from $3 million to $4 million per megawatt.
“If and when we do offshore wind projects, we definitely will have to do it with a strategic, technical partner,” he told reporters at a recent briefing.
“We’re active in exploring the potential partner, but we cannot say anything further than that … We’re looking at whether we can partner in the offshore wind space to be able to participate earlier than we would otherwise have,” Francia added.
Data from the DOE showed the company has a planned offshore wind project in Calatagan, Batangas, with a target installed capacity of 1,024 MW under its subsidiary Giga Ace 7, Inc.
Another subsidiary, Gigawind5, Inc., is tasked with the development of the 1,248-MW Manila Bay offshore wind project, which is designed to cover Bataan, Cavite and Batangas provinces.
Cagayan West offshore wind project, which is under its subsidiary Giga Ace 12, Inc., is expected to have an installed capacity of 1,024 MW.
