AC Energy net income climbs to P2.7B in 1st sem

Published August 5, 2021, 1:23 PM

by Myrna M. Velasco

The net income of Ayala-led firm AC Energy Corporation (ACEN) posted a modest 5.0-percent growth to P2.7 billion in the first half of the year, inclusive of earnings from international operations – and that’s coming from a leaner P2.6 billion in the same period last year.

Consolidated revenues went up 35-percent within the review period to P13.4 billion, according to the Ayala energy company; while noting that its attributable capacity already had its remarkable leap to 2,589 megawatts.

“ACEN’s performance was driven by demand recovery from pre-Covid 19 pandemic levels, acquisition of operating projects and newly operational renewable energy projects,” the company emphasized.

The Ayala firm explained though that the upswing in its revenues had been “partially offset by increased costs of purchased power due to high WESM (Wholesale Electricity Spot Market) prices during thermal power outages.”

Nevertheless, it was pointed out by AC Energy Chief Finance Officer Cora Dizon that “the integration of international business into ACEN further strengthens the company’s balance sheet to support our diversified growth plans in the Philippines and offshore markets.”

In terms of electricity generation within January-June stretch this year, that escalated by 16-percent to 2,224 gigawatt hours; and that happened alongside 56-percent hike in attributable capacity for the company which hit 2,589MW as of end-June 2021 from last year’s 1,659MW in the same period.

While the company’s power generation portfolio in the Philippines accounts for both thermal and RE facilities, it specified that the bulk or at least 52-percent of its total energy output came from renewables.

AC Energy said the higher capacity in the company’s power generation asset is mainly anchored on “the start of construction of new projects in the Philippines and in Vietnam, and the company’s first projects in India and in Australia.”

On the domestic investment front, the Ayala energy firm has just recently completed and set on commercial stream two greenfield solar farms – and these are the 63MW Gigasol Palauig solar facility in Zambales; and the 120MW Gigasol Alaminos solar venture in Laguna.

At its overseas market, the firm’s 70MW Paryapt solar facility in Gujarat, India and the 140MW Sitara Solar in Rajasthan (also in India) reached commercial operations in April and May this year.

“With the infusion of international assets, renewables now comprise 80-percent of the company’s capacity,” the Ayala firm stressed, adding that exponential growth is also in the offing with additional 1,000MW of attributable capacity that are currently under construction.

To partly fund expansion projects, AC Energy raised P13.1 billion from its follow-on offering (FOO) at the local bourse last May; and that also helped reinforce the firm’s balance sheet.

 
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