The energy unit of the Ayala group, AC Energy, has logged an increase in their net income with P25 billion for 2019 compared to P4.1 billion in 2018.

AC Energy attributed the increase to its capacity extension both in the Philippines and offshore markets, which resulted in growth of energy sales, according to a report.

“This was lifted by the contribution of its newly operational solar power projects in Vietnam,” AC Energy emphasized.

The energy firm also reported its recovery of costs incurred from adjustments in the construction and operation of its power plants,” including gains from the partial divestment of its thermal assets, which had proceeds of US$79 million.

In addition, the company tapped the capital markets last year through the issuance of green bonds which fetched US$810 million fresh capital into its portfolio.

“The first issuance, which happened in January-February 2019, was the power company’s maiden green bonds and fetched a total amount of US$410 million,” the Ayala firm has specified.

The company’s total attributable capacity stands at more than 1,800 MW, which 50 percent had been from renewable energy capacity.