ACEN Corporation has reported an increase in its net income to Php 6.3 billion in the first half of this year, an increase of 49% from P4.23 billion in the same period in 2023.
In a disclosure to the Philippine Stock Exchange, the Ayala-led company attributed its earnings to a Php 1.4 billion net value realization gain, resulting from the partial repayment of a loan initially extended for the Mui Ne Wind project in Vietnam, as well as the completion of the sale of its entire stake in the Sidrap wind farm in Indonesia last April.
ACEN also reported a 21% increase in core earnings before interest, taxes, depreciation, and amortization (EBITDA), reaching Php 10.1 billion compared to Php 9.43 billion in the same period last year.
“We have begun to see the results of our emphasis on expediently bringing more of our portfolio into operation. With our newly-operationalized plants already contributing significantly, we can expect to see solid results for the remainder of the year,” said ACEN chief financial officer and chief strategy officer Jonathan Back.
Additionally, the firm’s generation output also saw an increase of 42%, totaling 2,908 gigawatt-hours (GWh).
As for ACEN’s Philippine operations, the firm reported a 77% increase to 1,015 GWh, while international assets achieved a 28% rise to 1,893 GWh.
The company said that its strong financial performance was brought about by a 42% growth in attributable renewable energy generation and an improved net selling position in the Philippine Wholesale Electricity Spot Market (WESM).
Furthermore, ACEN credited its favorable financial results to the year-over-year addition of new operating capacity from several renewable energy plants in key markets in the country.
“We have strong momentum on the back of a robust increase in operating earnings and steady progress with our project pipeline. We have won several new projects that we expect to add to our capacity within the next six to twelve months. We remain on track with our goal of achieving 20 GW of renewables capacity by 2030,” said ACEN President and CEO Eric T. Francia.
Recent additions to ACEN’s growing renewable energy platform include the 385 MW phases 1 and 2 of the San Marcelino solar installation in Zambales, the 160 MW Pagudpud wind farm, and the 70 MW Capa wind in Ilocos Norte. Other additions include the 133 MW Cagayan North Solar in Cagayan and the second phase of the 116 MW Arayat-Mexico solar joint venture in Pampanga.
These new plants contributed 52% of ACEN’s renewable energy output in the Philippines this year, according to the company.
ACEN further stated that with over 1.0 GW of signed agreements and competitive tenders won, it has surpassed its goal of building a portfolio of 5.0 GW of renewable energy capacity ahead of its end-2025 target.
As part of its initial five-year target to install 5,000 megawatts (MW) of capacity, ACEN now has 4,800 MW of attributable renewable energy capacity, with 3,300 MW already partially or fully operational.
