As it shifts to an all-renewable energy (RE) portfolio, ACEN posted a 22% increase in its net income to Php5.3 billion in 2021 from Php4.3 billion in 2020.
Ayala’s power arm attributed to the increase in generation output brought about by the entry of 700 megawatts (MW) in new operating capacity.
“As the Philippines and the Asia-Pacific region recover from the pandemic’s peak, the energy sector continues to experience strong demand for power. ACEN’s robust 2021 financial and operating results reflect our ability to benefit from this,” ACEN President and CEO Eric Francia said in a statement.
The company saw a 21% increase in attributable output to 4,633 gigawatt-hours (GWh) in 2021 from the previous year’s 3,818 GWh due to new operational projects – including the 150MW Ingrid Quick Response diesel plant in Pililla, Rizal.
“Our focus on aggressively expanding the company’s renewable energy portfolio will allow us to meet the power challenges in both our home country and in regional markets in an environmentally sound and socially responsible way,” Francia said.
This year, ACEN is looking to invest Php55.5 billion to up its RE assets, beginning with its 521MW New England Solar Farm in Australia and the 420MW Masaya Solar Farm in India. The New England Solar Farm began as a joint venture between ACEN and UPC Renewables until Ayala bought out the latter’s 51.6% stake last year.
“Throughout the year, the company navigated the equity and debt capital markets to raise close to US$1 billion in fresh capital in 2021 to fund our renewable energy expansion. A significant chunk of this was through ACEN Finance Limited’s recent US$400-million fixed-for-life perpetual Green Bond offering. We remain a leading player in sustainable financing, which supports us as one of the fastest-growing RE companies in Southeast Asia,” said ACEN CFO and Treasurer Cora Dizon.
Locally, ACEN is currently constructing 484MW worth of wind and solar projects. In October 2021, it received the notice to proceed for the construction of its 283.7MW solar farm, which will be built on lahar-covered land in San Marcelino, Zambales.
ACEN currently has 3,800MW of attributable capacity in the Philippines and the Asia-Pacific region, 87% or 3,300MW of which comprises RE projects. The company is aiming to build a 5,000MW all-RE portfolio by 2025.