ACEN Reports Php 9.36 Billion in 2024 Net Income, Citing RE Growth

ACEN, the renewable energy arm of the Ayala Group, posted a Php 9.36 billion net income in 2024, marking a 27% increase from the previous year.

The growth was driven by a 25 percent rise in attributable renewable energy output, which reached 5,596 gigawatt-hours (GWh). New power plants energized throughout the year contributed significantly to this increase, accounting for 37 percent of the company’s core attributable earnings before interest, taxes, depreciation, and amortization (EBITDA).

“ACEN continues to progress toward our goals, notwithstanding the global headwinds impacting the energy transition. The company remains committed to scale up renewables in the Philippines and around the region,” ACEN President and CEO, Eric Francia said. 

In the Philippines, ACEN expanded its net seller position by 57%, reaching 1,131 GWh. This was supported by fresh capacity from newly operationalized renewable energy plants.

The company’s core attributable EBITDA, which excludes non-recurring income from asset sales, rose by 25% to Php 19.3 billion. Gains from value realization contributed Php 2.8 billion to the company’s net income.

Renewable energy generation from overseas plants increased by 13 percent year-over-year, producing 3,770 GWh. New facilities in Australia, India, and Vietnam bolstered this expansion.

ACEN now has a total renewable energy capacity of 7.0 gigawatts (GW), including 3.3 GW in operation, 2.3 GW under construction, and 1.4 GW in projects that are expected to begin construction within the next 12 to 18 months.

The company strengthened its presence in the Philippine energy market. Renewable energy plants such as Cagayan North Solar, SanMar Solar Phases 1 and 2, Arayat-Mexico 2 Solar, and Capa Wind led to a 60% increase in local output, reaching 1,826 GWh. The Quezon North Wind project, set to be the country’s largest wind farm, also broke ground, with completion expected in 2026.

ACEN’s retail electricity arm, ACEN Renewable Energy Solutions, expanded its customer base by 36% to 374 megawatts (MW), supplying power to 554 clients across different sectors. Additionally, the company secured 160 MW of renewable energy mid-merit contracts through Meralco’s Competitive Selection Process in July.

ACEN closed 2024 with Php 329.5 billion in total assets, reflecting a 16% increase from the previous year. The company’s cash reserves stood at Php 25.2 billion, while its net debt grew to Php 161.8 billion, raising the net debt-to-equity ratio to 0.69.

The company received an A- rating from the Carbon Disclosure Project for its climate action efforts, improving from a previous B rating. It also achieved its goal of planting one million trees a year ahead of schedule, restoring 2,815 hectares of forestland.

Chief Financial Officer and Chief Strategy Officer Jonathan Back emphasized that ACEN’s financial performance reflects its ability to develop a strong renewable energy portfolio with stable returns.

With a growing presence in key markets and an expanding pipeline of renewable projects, ACEN is positioning itself as a leader in clean energy across the region.