ACEN Corporation is optimistic about strong growth in 2024, citing increased energy capacity and new project developments as its key drivers.
In a report by Manila Bulletin, ACEN President and CEO Eric Francia expressed confidence in the company’s performance, attributing to having “more capacity online.”
ACEN marked significant milestones in the first half of 2024 by advancing several renewable energy initiatives. Highlights included the 385 MW SanMar Solar project in Zambales (phases 1 and 2), the 160 MW Pagudpud Wind and 70 MW Capa Wind projects in Ilocos Norte, the 133 MW Cagayan North Solar project, and the phase 2 expansion of the 116 MW Arayat-Mexico Solar joint venture in Pampanga.
These developments bolstered ACEN’s net seller position in the Wholesale Electricity Spot Market (WESM) by 34% during the first nine months of the year. The new facilities also accounted for 52% of the company’s renewable energy contributions to the Philippine market.
Francia emphasized that ACEN would focus on its existing markets before considering expansion into new territories.
ACEN continues to expand its global renewable energy portfolio with groundbreaking initiatives like the 522 MW New England Solar’s first phase in Australia, the 420 MW Masaya Solar in India, and the 60 MW Lac Hoa & Hoa Dong Wind project in Vietnam. The company has also secured the initial phase of a 287 MW solar platform in Vietnam while advancing the ambitious 936 MW Valley of the Winds wind project in New South Wales, Australia.
ACEN projects approximately Php 50 billion in capital expenditures (CAPEX) across its markets for 2024, with plans to raise this to Php 70 billion by 2025.
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