ACEN Corporation reports a 27% increase in its net income for the first quarter, from Php 2.0 billion to Php 2.7 billion, due to a strong generation output amplified by the commercial operations of new solar and wind farms.
In a report by Manila Bulletin, the firm experienced a rise in profitability attributed to the contributions of recently established wind and solar farms, particularly in Australia and the Philippines.
Additionally, the corporation received green certificates in Australia on top of additional earnings in the Philippines.
As for the Philippine operations, sales soared to 83% to 570-gigawatt hours (GWh), supported mostly by operations of the 385 megawatt (MW) San Marcelino solar plant in Zambales, the 160 MW Pagudpud wind farm in Ilocos Norte, and the 133 MW Cagayan Solar North facility.
The subsequent phase of the 116 MW Arayat-Mexico solar farm in Pampanga also contributed to the sales of the company.
ACEN Chief Finance Officer and Chief Strategy Officer Jonathan Back shared that the energy firm managed to provide 1,600 MW of new operating capacities at the start of this year, which positioned the corporation to pursue a more favorable financial result for the remainder of the year.
ACEN also logged statutory revenue of Php 9.9 billion within the first three months of this year due to the generation portfolios in the Philippines and Vietnam.
Meanwhile, in 2023, the company’s primary earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 32% to Php 5.3 billion from Php 4.6 billion.
ACEN president and CEO Eric T. Francia said that the firm’s target of 5,000 MW portfolio for 2025 could be achieved well ahead of the projected time frame which prompted ACEN to proceed with its 20 gigawatts (GW) goal before the decade concludes.
As of March of this year, ACEN’s attributable capacity in the RE development market is at 4.8 GW, which includes 1.0 GW worth of recently signed agreements and biddings.
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