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Manila Bulletin devider Business devider The Stock Market devider ACEN reports strong nine-month earnings, fueled by renewable energy

ACEN reports strong nine-month earnings, fueled by renewable energy

Published Nov 7, 2024 03:13 am

Ayala-led renewable energy platform ACEN Corp. reported an increase in net income for the first nine months of 2024, driven by the launch of new power plants.

In a disclosure to the Philippine Stock Exchange on Thursday, November 7th, ACEN announced a 24 percent year-over-year increase in consolidated net income from January to September to P8.14 billion. 

This growth is attributed to the commencement of operations at several renewable energy plants earlier this year.

These new plants contributed 40 percent to ACEN’s core attributable earnings before interest, taxes, depreciation, and amortization (EBITDA). This figure includes ACEN's share from non-consolidated operating projects and excludes one-time items like cash gains, which themselves increased by 30 percent to P14.3 billion.

A 31 percent rise in renewable energy generation and a strong net selling position in the Wholesale Electricity Spot Market (WESM) further bolstered ACEN's financial performance.

The consolidated net income also includes a P1 billion gain in the third quarter from the full acquisition of shares in Ayala Land's Real Estate Investment Trust (AREIT), in exchange for a 276-hectare property in Zambales.

Despite seasonal declines in solar and wind energy production, ACEN's overall attributable renewables output increased by 31 percent to 4,127 gigawatt-hours (GWh) at end-September.

Third-quarter generation defied the slowdown, growing by 11 percenty compared to the same period last year.

In the Philippines, ACEN's renewable energy plants generated 1,370 GWh, a 78 percent increase compared to 2023. Over half of this generation came from new plants that began operations this year, including the SanMar Solar in Zambales, Pagudpud Wind and Capa Wind in Ilocos Norte, Cagayan North Solar in Cagayan, and Arayat-Mexico Solar Phase 2 in Pampanga.

This increased generation strengthened ACEN's net seller position in the WESM by 34 percent to 663 GWh.

In the retail electricity market, ACEN RES gained 105 new customers, reaching a total of 492 with a contracted capacity of 346 MW.

On Oct. 7, ACEN's Board approved the first two phases of the Quezon North Wind complex, the company's largest wind project to date. Spanning the provinces of Laguna and Quezon, this project will provide over 550 MW of renewable capacity, significantly contributing to the country's electricity supply.

ACEN's international operations also performed well. New projects such as the New England Solar in Australia and the Masaya Solar in India helped generate 2,741 GWh, a 15 percent increase compared to the same period last year.

The Lac Hoa & Hoa Dong Wind Project in Vietnam and the Chestnut Flats wind farm in the United States contributed 42 percent of ACEN's overall international output.

ACEN's global generation capacity now stands at nearly 6.8 gigawatts (GW), including 3 GW in fully operational assets, 2.3 GW under construction, and 1.4 GW in committed projects slated for development within a year.

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