Generation output boosted by the commercial operations of new solar and wind farms had prompted 27% rise in the net income of Ayala-led ACEN Corporation in the first quarter to P2.7 billion versus P2.0 billion in the same period last year.

That escalation in profitability, the company emphasized, reflected “the contributions of newly operating solar and wind farms, especially in the Philippines and Australia” – on top of additional revenues booked in the Philippines plus green certificates in Australia.

The company indicated that the capacity additions somehow offset lower wind output in Vietnam as well as existing assets in Northern Luzon.

For the Philippine operations, in particular, sales had substantially grown by 83% to 570 gigawatt-hours, buoyed mainly by the commercial operations of the 385-megawatt San Marcelino solar plant in Zambales; 160MW Pagudpud wind farm in Ilocos Norte; the 133MW Cagayan Solar North facility; as well as the second phase of the 116MW Arayat-Mexico solar farm in Pampanga.

ACEN President and CEO Eric T. Francia said “the company’s solid first quarter result reflects the steady realization of our long term strategy.”

As some of the energy firm’s assets reached commercial operations, it was stated that this also reinforced the “net merchant selling position” of ACEN, primarily in the Wholesale Electricity Spot Market.

According to Jonathan Back, CFO and chief strategy officer of ACEN, the Ayala energy firm was able to deliver 1,600 megawatts of new operating capacities within the start of this year, hence, that strategically positioned the company’s aim for stronger financial outcome for the rest of the year.

“Backed by a robust balance sheet and strong strategic partnerships, ACEN’s performance in the first quarter augurs well for the rest of 2024 and the achievement of our long-term goals,” he noted.

On the company’s statutory revenues, ACEN logged P9.9 billion within this year’s initial three months – mainly propelled by generation portfolios in the Philippines and Vietnam.

The firm’s core attributable earnings before interest, taxes, depreciation, and amortization (EBITDA) had likewise expanded 32% to P5.3 billion from P4.6 billion a year ago.

Onward, Francia asserted that ACEN “will continue to build on this momentum as we focus on excellence in execution.”

The company’s target for 5,000 megawatts portfolio for 2025, he said, will be accomplished well ahead of target; and that sets a comfortable ledge on ACEN to advance on to its 20GW goal by the turn of the decade.

By March this year, ACEN’s attributable capacity in the RE development space already hovers at 4.8 gigawatts (4,800MW) – including 1.0GW of newly signed agreements as well as capacities won from competitive biddings.

“ACEN has already effectively surpassed its goal of reaching 5 GW of renewable energy capacity by 2025, almost two years ahead of schedule. Of this capacity, 65 percent is now fully operational,” the company stressed.