ACEN Corp. plans to sharply ramp up capital spending this year to about P80 billion — a roughly 45 percent jump from last year’s P55 billion — as it accelerates renewable energy projects.

In an interview with reporters on Tuesday, ACEN President and CEO Eric Francia said the spending surge will fund a wave of solar, wind, and battery energy storage system (BESS) projects, with the Philippines accounting for most of the construction, largely under the government’s Green Energy Auction program.

“Capital expenditure this year is expected to reach over P80 billion, representing growth versus last year,” Francia said. “Around 70 percent, or about P60 billion, will go to the Philippine market alone, compared with just about P24 billion spent locally last year.”

Francia said funding will come from a mix of project finance and internal cash, with ACEN typically maintaining a 70:30 financing structure.

The surge, he said, highlights the scale of ACEN’s pipeline, which already has about 1.2 gigawatts (GW) of projects under construction, mostly in the Philippines, making this one of the company’s largest buildout phases to date.

The company is also set to benefit from the recovery of wind farms hit in late 2024, including Monsoon Wind and Stubbo, which are expected to deliver full-year output this year.

The 300-megawatt (MW) Palauig 2 solar project is also expected to come online in 2026, alongside about 200 MW in Australia and several hundred MW in India, though some Indian projects may shift to next year.

By year-end, ACEN expects to operate more than 8 GW of capacity, with roughly 15 percent coming from solar, wind, and BESS projects in the Philippines and overseas. Francia noted that the company is stepping up BESS to complement its solar plants and help stabilize the national grid amid oversupply.

Now running entirely on renewable energy, the company is targeting net-zero greenhouse gas emissions by 2050.