ACEN Corporation, the Ayala Group’s renewable energy platform, posted a consolidated net income of PHP 1.95 billion in the first quarter of 2025 — a 28% decline year-on-year — as weaker results in the Philippines and Australia offset gains from its international portfolio.
Despite the income drop, ACEN’s renewables output rose 3% to 1,680 GWh, driven by new plant contributions and increased stakes abroad. The company’s core attributable EBITDA grew 7% to PHP 5.6 billion, supported by stronger international performance, particularly in Vietnam and India.
The Philippines saw a 14% dip in renewables generation to 489 GWh due to Typhoon Marce’s lingering impact and weaker solar resources. Repairs are underway on affected turbines in the Pagudpud and Capa Wind farms, though the full energization of the 60 MW Pangasinan Solar project provided some relief.
International operations delivered robust output: Vietnam’s attributable output grew 29%, India’s by 22%, and ACEN’s Australian business saw an 8% increase in generation despite a decline in EBITDA. ACEN also reported progress in Indonesia and the U.S., with new developments and completed repowering projects.
As of Q1, 3.6 GW of ACEN’s 7 GW renewables portfolio is operational, with another 2.6 GW under construction and 823 MW in committed projects. The company ended the quarter with PHP 333.3 billion in total assets and PHP 22.6 billion in cash.
ACEN also received an MSCI ESG rating upgrade to ‘A’ and signed a memorandum of agreement with Ayala Corporation and STT GDC Philippines to explore renewable energy solutions for the growing data center sector.
“ACEN’s first quarter results reflect some of the challenges of scaling renewables,” said ACEN President and CEO Eric Francia. “The company is strengthening its balance sheet with the planned equity infusion to ensure that we remain strong amidst these challenges.”
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