The Philippines-centered energy firm’s chief executive officer (CEO) states that Southeast Asia is undergoing an energy revolution. There is a potential to build up renewables in the region. “Obviously, we’re quite bullish on renewables in Southeast Asia,” stated AC Energy’s John Eric Francia, adding that the firm has witnessed tremendous growth since shifting its concentration to cleaner power sources in 2016.
According to him, AC Energy currently has 2,100 megawatts of renewable capacity and plans to raise it to 5,000 megawatts by 2025. According to the corporation, around 80% of the company’s capacity comes from renewable sources, which has operations in the Vietnam, Philippines, Indonesia, India, and Australia. While acknowledging that the change will be incremental, he told CNBC’s “Street Signs Asia” those recent incidents have highlighted the renewables possibility.
“With everything — the volatility in global markets with fossil fuels and so on, and the unexpected recovery of demand in various regions amidst the pandemic,” he said, “I think we have a tremendous opportunity to really build up renewables.” Europe is in the midst of an energy crisis, with prices soaring due to a gas shortage and low wind output, making it difficult for some nations to satisfy their energy demands.
Soaring gas prices have prompted the United Kingdom to restart an outdated coal power plant in order to generate more electricity, and experts believe that the European Union’s green goals may be jeopardized as a result. However, AC Energy’s Francia believes that renewables combined with battery storage technology will be able to tackle this problem in the future years, describing it as a “huge opportunity.”
Considering the intermittent and renewable characteristics of energy sources like wind and solar, he believes battery storage is a vital component and facilitator. “Battery storage is getting more and more flexible and competitive with the help of the electric vehicle sector,” he added, predicting that it will be ready in 3 to 5 years. For the time being, governments must plan their transition to green energy and supplement renewables with other fuels, according to Francia.
The Ayala Group’s listed energy platform is AC Energy Corporation. In Indonesia, India, the Philippines, Vietnam, and Australia, the corporation has 2,600 MW of attributable capacity. The company has an 80 percent renewable capacity share, which is among the greatest in the region. AC Energy aspires to be Southeast Asia’s largest publicly traded renewables platform, with a target of 5,000 MW of the renewables capacity by the year 2025.”