Ayala-led AC Energy Corporation (ACEN) disclosed today that its consolidated net income attributable to parent increased by a significant 22% to Php4.27 billion in the first nine months of 2021, from Php3.5 billion in the same period last year.
The continued recovery of electricity demand in Luzon, as well as the growth in new operating capacity from recent acquisitions and greenfield projects contributed to the company’s performance. The higher cost of purchased power, due to elevated spot market prices, tempered the Company’s statutory earnings before interest, taxes, and depreciation (EBITDA), which rose 13% to Php9.4 billion versus the previous year.
Revenues were also higher by 24%, reaching Php18.9 billion during the said period from Php15.3 billion in 2020.
“ACEN continues to be a direct beneficiary of the steady resurgence in consumer confidence in both the Philippines and the Asia-Pacific. The company continues to aggressively roll out renewable energy investments in the Philippines and across the region, and is well-positioned to address the tightening supply-demand dynamics, as electricity demand continues to recover and fossil fuels become more expensive,” ACEN President and CEO Eric Francia said in a statement.
Attributable output rose by 17% to 3,378 gigawatt-hours in the first nine months of the year, partly driven by a 13% growth in renewable energy (RE) output and a 20% increase in generation from the Philippine assets. Recent additions to ACEN’s operational supply from both acquisitions and greenfield projects propelled the company’s performance.
ACEN recently bought out its joint ventures with UPC Renewables in the Philippines and in Australia. It also raised its stake in its wind farms in Bangui and Pagudpud, Ilocos Norte. On Wednesday, it announced that it began construction its 283-megawatt (MW) solar farm in San Marcelino, Zambales.
Subsidiary ACEN Finance Limited issued US$400 million undated fixed-for-life Green Bonds last September at a low interest rate of 4.0%. The securities are listed on the Singapore Exchange’s SGX-ST platform. With previous equity issuances and the investment by GIC’s Arran Investment Pte Ltd, ACEN has raised close to US$1 billion in fresh capital in 2021 alone.
“Our recent US$400-million fixed-for-life perpetual Green Bond offering, in addition to our previous equity issuances and liability management deals, further ensure our ability to grow the business, in line with our strategic plans,” ACEN CFO and Treasurer Cora Dizon said.