With new solar and wind farm capacities coming on stream, the net income of international project developer ACEN Corporation climbed 49% to P6.3 billion in this year’s first half from the year-ago level of P4.23 billion.

The Ayala-led firm indicated that its earnings factored in P1.4 billion “in net value realization gain from the partial repayment in first quarter of the company’s loan - at a premium,” which had been originally extended for the Mui Ne Wind project in Vietnam, and the completion of the sale of 100% of ACEN’s shares in the Sidrap wind farm in Indonesia last April.”

The company similarly reported that core earnings before interest, taxes depreciation and amortization (EBITDA) also escalated 21% to P10.1 billion as against P9.43 billion in the same six-month stretch last year.

Jonathan Back, CFO and chief strategy officer of ACEN, stressed “we have begun to see the results of our emphasis on expediently bringing more of our portfolio into operation.”

On generation output, ACEN logged substantial increase of 42% to 2,908 gigawatt-hours (GWh) – with the Philippine operations posting 77% hike to 1,015 GWh; while international assets yielded heftier increase of 28% to 1,893 GWh.

“This continued strong financial performance was propelled by 42% growth in attributable renewable energy generation and a further improved net selling position in the Philippine Wholesale Electricity Spot Market,” the company reiterated.

Back stated “with our newly operationalized plants already contributing significantly, we can expect to see solid results for the remainder of the year,” qualifying that “our healthy balance sheet and robust EBITDA also help ensure that we remain well positioned to execute on ACEN’s strong growth opportunities.”

Within home market, ACEN emphasized that its favorable financial outcome “continued to be driven principally by the year-over-year addition of new operating capacity from several renewable energy plants in the company’s major markets.”

ACEN President and CEO Eric T. Francia highlighted “we have strong momentum on the back of a robust increase in operating earnings and steady progress with our project pipeline.”

On the initial wave of five-year installation target of 5.0 gigawatts (5,000MW), ACEN expounded that its attributable renewable energy capacity already hovers at 4,800MW – and of that, 3,300MW are already partially or fully operational.

Francia noted that with several new projects won as well as contracts cornered for their capacities, “we expect to add to our capacity within the next six to twelve months,” while reiterating that they are on track for the higher end-goal of 20GW by the turn of the decade.

The recent addition in the company’s growing RE platform had been the 385 MW phases 1 and 2 of the San Marcelino solar installation in Zambales; the 160 MW Pagudpud wind farm and 70 MW Capa wind in Ilocos Norte; then the 133 MW Cagayan North Solar in Cagayan, and the second phase of the 116 MW Arayat-Mexico solar joint venture installation in Pampanga.

“These new plants contributed 52% of ACEN’s renewable energy output in the Philippines this year,” the Ayala firm said.

It further stated that “with over 1.0GW of signed agreements and competitive tenders won, ACEN has effectively surpassed its goal of building a portfolio of 5.0GW of renewable energy capacity ahead of its end-2025 target,” the company vouched.

ACEN underscored “this overall robust performance came despite the seasonally driven renewable energy resource drops in the second quarter – for wind in Northern Luzon and Vietnam, and for solar irradiance in Australia.”