ACEN Corp. is actively seeking strategic and technical partners to support its entry into the offshore wind sector in the Philippines, company president and CEO Eric Francia confirmed in a recent interview.
“If and when we do offshore wind projects, we definitely will have to do it with a strategic/technical partner,” said Francia, acknowledging the company currently lacks in-house expertise for such developments.
ACEN holds at least three offshore wind service contracts and is positioning itself for possible participation in the Department of Energy’s upcoming Green Energy Auction Program 5 (GEAP 5), expected to focus on offshore wind.
“We are exploring the space, but it’s too early to tell now,” said Francia. “We will not only depend on our own organic projects but we’re also looking at whether we can partner in the offshore wind space to be able to participate earlier than we otherwise would have.”
Francia added that ACEN may need more than five years before it can make a confident financial investment decision on offshore wind, citing the complexity of the projects and the lack of local precedent.
“We can see that that’s probably going to take more than five years before we can be comfortable getting to financial investment decisions,” he said.
While he declined to disclose names of potential partners, Francia emphasized the company’s intent: “We’re active in exploring the potential partner but we cannot say anything further than that.”
Offshore wind is seen as a key component in achieving the Philippines’ renewable energy targets, but high development costs, grid access, and regulatory challenges have slowed progress.
ACEN’s interest aligns with government goals under the National Renewable Energy Program, which targets a 35% renewable energy share by 2030 and 50% by 2040.
At present, the Philippines has issued more than 80 offshore wind service contracts, but none have reached final investment decision due to technical, financial, and policy hurdles.
In parallel, ACEN is working to resolve similar complexities in a planned floating solar power project over 800 hectares on Laguna de Bay, the country’s largest freshwater lake.
Francia said the company is still assessing the viability of floating solar amid concerns over lake depth, wind and wave conditions, and connectivity to the power grid.
“We’re hoping to see a tariff that would justify an investment, especially because there are a lot of unknowns because it’s a relatively new technology that we are trying to learn here,” he said.
“Frankly speaking, I’m not sure the initial gear price for floating solar will work,” he added, underlining the importance of supportive regulation.
ACEN is awaiting a final decision from the Energy Regulatory Commission, which Francia said will be “critical because it drives the economics.”
The company has been aggressively expanding its renewables portfolio across Southeast Asia, with over 4,000 MW of attributable capacity as of 2024, aiming for 100% renewables generation by 2025.
