Ayala-led ACEN Corp. reported an increase in its net income for last year on the back of growing renewable energy (RE) output.
In a disclosure to the Philippine Stock Exchange on Wednesday, March 12, ACEN reported a 27 percent rise in net income to ₱9.36 billion from January to December 2024, with attributable RE output expanding to 5,596 gigawatt-hours (GWh).
The increase in renewable output was driven by ACEN’s plants that were energized throughout the year, thus also raising the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) to ₱19.3 billion.
Despite its wind turbines being offline due to Typhoon Marce in November, ACEN reported that RE generation expanded by 25 percent.
In 2024, the RE firm also completed developments at Cagayan North Solar, SanMar Solar phases 1 and 2, Arayat-Mexico 2 Solar, and Capa Wind. These energizations bolstered a 60 percent increase in output, contributing 1,826 GWh.
Quezon North Wind project, which began construction in the fourth quarter of last year, is slated to be the country’s largest wind farm once it is operational in 2026.
Additionally, its retail electricity unit, ACEN Renewable Energy Solutions (RES), expanded its operations to 374 megawatts (MW) and 554 customers in the industrial, educational, and residential sectors, among others.
In July 2024, ACEN secured 160 MW of RE mid-merit contracts in Manila Electric Co.’s (Meralco) competitive selection process (CSP).
Meanwhile, its international portfolio also climbed by 13 percent to 3,770 GWh. New operational assets in Australia, India, and Vietnam drove this improvement.
Power generated from New England Solar increased output by 50 percent, while ACEN Australia’s Stubbo Solar is set to begin operations this year.
Its Australian unit also secured a 936 MW capacity investment scheme agreement (CISA) from the Australian government for the Valley of the Winds project in New South Wales.
Its assets in India drove a 93 percent increase in output, while EBITDA grew by 109 percent due to RE generation from Masaya Solar. The country’s total attributable capacity rose by 1.6 GW.
ACEN’s projects in Vietnam, such as Lac Hoa and Hoa Dong Wind projects and Super Solar contributed to an eight percent spike in RE generation.
Its Vietnam portfolio expanded with the 49 percent acquisition of BIM Group’s RE platform, increasing its stake to 74.5 percent in the 405 MW Ninh Thuan Solar farm and 82.2 percent in Ninh Thuan Wind project.
ACEN also assured that its presence in Laos would be able to finish the Monsoon Wind project in the second half of this year, as it is expected to export more than a terawatt of energy across the border to Vietnam annually.
Meanwhile, its Indonesian presence partnered with Barito Renewables for 320 MW late-stage wind projects.
ACEN’s acquisition of Chestnut Flats Wind farm in the United States also contributed 77 GWh of ACEN’s international generation, while Stockyard Wind farm in Texas is slated for operation in 2025.
ACEN’s regional partnership with ib vogt in year-end 2024 began the development of the 80 MW Solarscape and Dayasinar Solar farms in Malaysia, and the 68 MW Sonagazi Solar plant in Bangladesh.
According to the Ayala-led RE firm, it currently has 7 GW worth of attributable renewables capacity—3.3 GW of which is in operation, 2.3 GW is under construction, and 1.4 GW of projects have been green-lighted by the board and are scheduled for construction within the next 12 to 18 months.
Eric Francia, president and chief executive officer of ACEN, said that the company is on track with its goals to boost renewables locally and internationally.
“ACEN continues to progress toward our goals, notwithstanding the global headwinds impacting the energy transition. The company remains committed to scaling up renewables in the Philippines and around the region,” he elaborated.
“ACEN's financial results in 2024 demonstrate our ability to convert a robust development pipeline into an RE portfolio that can deliver strong and stable investor returns over the long term. This focus on execution will remain central as we move forward,” added Jonathan Back, ACEN’s chief financial officer and chief strategy officer.