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Manila Bulletin devider Business devider New solar, wind farms fuel ACEN's optimism for strong 2024 results

New solar, wind farms fuel ACEN's optimism for strong 2024 results

Published Dec 25, 2024 09:40 am

As the year nears its close, Ayala-led ACEN Corporation anticipates a strong performance in 2024, driven by increased energy capacity and new projects.

In a briefing, Eric Francia, ACEN president and chief executive officer expressed optimism for the year's overall performance, citing "more capacity online" as the main driver.

During the first half of the year, ACEN added several solar and wind farms to its operational portfolio, including phases 1 and 2 of the 385 megawatt (MW) SanMar Solar project in Zambales, the 160 MW Pagudpud Wind and 70 MW Capa Wind in Ilocos Norte, the 133 MW Cagayan North Solar, and phase 2 of the 116 MW Arayat-Mexico Solar joint venture in Pampanga.

These power plant developments contributed to a 34 percent increase in ACEN's net seller position in the Wholesale Electricity Spot Market (WESM) during the first nine months of 2024. The new projects also provided 52 percent of the company's renewable energy to the Philippines.

When asked about expanding its international portfolio, Francia stated that ACEN is prioritizing its current markets before considering expansion.

"No expanding geographic reach yet," he said. "There's a lot of momentum in several key markets, and that's where the focus will be. Top of the list is the Philippines, then Australia, and India."

ACEN has commissioned several large-scale projects outside the Philippines, such as the 522 MW first phase of New England Solar in Australia, the 420 MW Masaya Solar in India, and the 60 MW Lac Hoa & Hoa Dong Wind in Vietnam.

The company also acquired the first phase of a 287 MW solar platform in Vietnam and is developing the 936 MW Valley of the Winds wind power project in New South Wales, Australia.

ACEN forecasts approximately P50 billion in capital expenditures (CAPEX) across all its markets for 2024 and anticipates a CAPEX of roughly P70 billion for 2025.

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