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Manila Bulletin devider Business devider The Stock Market devider Market woes drag ACEN profit down 78% in nine months

Market woes drag ACEN profit down 78% in nine months

Published Nov 7, 2025 01:19 pm
Despite its focus on clean energy, ACEN Corp.’s bottom line struggled through September, as the Ayala-led firm's net income fell, hampered by reduced output from its renewable assets and soft spot market prices.
In a disclosure to the Philippine Stock Exchange on Friday, Nov. 7, ACEN reported that its net income in the first nine months of the year significantly dropped by 78 percent to ₱1.8 billion, while its revenue decreased by 18 percent to ₱23 billion.
Despite this, its attributable renewables output grew 16 percent to 4,843 gigawatt-hours (GWh) as its investments in Australia and Laos have generated new contributions to the overall capacity.
According to the renewable energy (RE) firm, the Philippines and Australia faced lower spot prices in the Wholesale Electricity Spot Market (WESM). Additionally, lower generation from some of its solar plants and the offline wind turbines in Northern Luzon have impacted the nine-month financial performance.
While its net income faced headwinds, ACEN was able to increase its operating capacity, as the strong contributions across markets grew its international asset generation by 26 percent to 3,539 GWh.
This month, ACEN Australia’s project, the Stubbo Solar farm, began operations. It has contributed to ACEN Australia’s 54 percent output growth earlier this year. It is also expected to wrap up construction works for its 200 MW New England Battery Energy Storage System (BESS) by 2027.
The Monsoon Wind in Laos commenced full operation in August, increasing regional output by 26 percent to 1,302 GWh.
Meanwhile, India is already in the process of increasing its contribution through the ongoing development of the 153 MW Maharashtra Hybrid, 420 MW Tejorupa Solar, 399 MW Sheo 2 Hybrid, and 120 MW Bijapur Wind projects. Once these projects come online between 2026 and 2027, ACEN may further increase its output beyond its current 9-month record of 548 GWh.
During the third quarter of this year, some of the company’s international markets saw a 21 percent increase to 807 GWh.
In its home base, the Philippines experienced a slight decline in output to 1,305 GWh due to some wind outages in Ilocos Norte; however, it assured that most of these have been restored and are now operational.
Its retail electricity unit, ACEN Renewable Energy Solutions (ACEN RES) expanded its clientele reach to 708 customers with a 456 MW overall contracted capacity. Because of this feat, the business now has a 56 percent share of the renewable supplier market under the Green Energy Option Program (GEOP), wherein end-users would select their own preferred supplier to switch their power source to RE.
Recent milestones also include the fully operational 70 MW Capa Wind project in Ilocos Norte, while ensuring that the Pagudpud Wind farm is nearing completion of its repair works. Its NorthWind project— which is currently under development to prolong the life by another ten years— is also slated for completion by this month.
With the recently concluded fourth Green Energy Auction (GEA-4) program, ACEN would be able to pursue its 69.4 MW-peak (MWp) Sual solar project in partnership with Yanara.
In its effort to integrate a larger renewable portfolio, ACEN has recently divested its diesel assets.
Eric Francia, ACEN president and chief executive officer, assured that the company is expanding its RE assets through various local and international collaborations.
“We continue to build on the momentum across our various markets, with new capacity coming online and a robust pipeline driving future growth. We remain focused on scaling our renewables portfolio and accelerating investments in energy storage in particular, with a long-term strategy anchored on disciplined expansion, strong partnerships, and delivering sustainable value,” he said.
Reflecting on the recent energy landscape, Jonathan Back, chief financial officer and chief strategy officer of ACEN, said that the firm is focused on bringing its new projects to completion amid the market uncertainty.
“We remain focused on optimizing margins, strengthening our balance sheet, and ensuring that our operational cadence supports long-term value creation. The fundamentals of our business remain sound, and we are well-positioned to deliver on our commitments,” Back added.

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