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Manila Bulletin devider Business devider The Stock Market devider ACEN targets 8-GW portfolio recovery after market slump last year

ACEN targets 8-GW portfolio recovery after market slump last year

Published Jan 20, 2026 04:14 pm
ACEN President and Chief Executive Officer Eric Francia
ACEN President and Chief Executive Officer Eric Francia
ACEN Corp., the energy unit of the Ayala group, is targeting a significant expansion of its renewable energy portfolio this year as it accelerates construction and stabilizes existing assets following a period of volatile market conditions.
In a briefing on Tuesday, Jan. 19, ACEN President and Chief Executive Officer Eric Francia said the company aims to increase its total capacity of operational, under-construction, and committed projects to eight gigawatts.
Francia added that the firm is also on track to have seven gigawatts of operational assets by 2027.
Approximately 35 percent of that operational capacity will be located in the Philippines, underscoring the company’s focus on its domestic market.
To support this growth, ACEN is maintaining its capital expenditure forecast of more than ₱80 billion for the year, a 50 percent increase over the ₱53 billion spent in 2025.
Francia noted that the Philippines will remain the primary destination for this investment, accounting for roughly 70 percent of the total planned spending.
The ramp-up in spending comes as ACEN looks to move past a challenging 2025. The company’s earnings during the first nine months of last year were weighed down by diminished output from renewable assets and a slump in spot market prices across both the Philippines and Australia.
Recovery efforts are now centered on several large-scale projects nearing completion.
Among the domestic developments expected to drive gains are the 300-megawatt Palauig 2 solar farm and the 585-megawatt San Marcelino solar project, both situated in Zambales. Internationally, the company expects contributions from the 600-megawatt Monsoon Wind project in Laos and the 520-megawatt Stubbo Solar project in Australia.
Francia said the company’s operational stability has improved, noting that wind farms damaged by typhoons in 2024 have largely been repaired.
Other power plants that previously faced technical issues have since stabilized. Beyond increased generation capacity, ACEN is also benefiting from a stronger contracting profile.
A mid-merit supply agreement with Manila Electric Co., the nation’s largest power distributor, is scheduled to begin ramping up volumes in February 2026. This contract is expected to provide a steadier revenue stream and insulate the company from the price fluctuations of the wholesale electricity spot market.
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