Ayala-led ACEN Corporation experienced a 59% surge in profitability nine months into the year, to P6.6 billion, after the equity sell-off in Salak and Darajat geothermal assets in Indonesia.
In a report by the Manila Bulletin, ACEN said that it recorded a two-fold increase in core operating earnings associated with income generated by its operating units. This surge was attributed to new operating capacity in its global portfolio and its transition to a net-selling merchant position in 2023.
As for revenue, ACEN registered a 13% growth, rising to P28.6 billion from P25.24 billion, mainly bolstered by higher retail customer tariffs and the escalation of New England Solar in Australia and Pagudpud wind operations.
ACEN CEO and President Eric T. Francia said that despite the setbacks experienced in renewable projects, the company sustained healthy growth. He also highlighted the commencing of the commercial operations of approximately 700-megawatt (MW) capacity solar and wind projects in the Philippines before the summer of 2024.
The income generated from the sale of its geothermal shares offset the augmented overhead and development expenses as ACEN continues its renewable expansion in the Philippines and Australia.
Additionally, the attributable earnings before interest, taxes, depreciation, and amortization (EBITDA), including profits from non-consolidated operating projects, increased by 21% to P14.1 billion in the January-September period.
Despite a reduction in operating earnings for the third quarter due to scheduled plant maintenance and anticipated seasonally low wind and Wholesale Electricity Spot Market (WESM) prices during the rainy season, ACEN maintained its net merchant selling position by continuously integrating new operating capacity.
In the Philippines, ACEN observed a 29% increase in electricity generation to 769 gigawatt-hours (GWh), fueled by the continued commissioning of its Arayat-Mexico solar farm installation and Pagudpud wind farm project.
Internationally, its generation reached 2,405 GWh, primarily propelled by its New England solar farm in New South Wales, Australia. Also, notable contributions to this year’s third-quarter output were the 420 MW Masaya solar farm in India and the initial phase of the 287 MW Solar NT acquisition in Vietnam, a joint venture with SUPER Energy of Thailand.