ACEN Corporation reported a consolidated net income of PHP 1.8 billion for the first nine months of 2025, a 78% decline year-on-year as non-recurring items weighed down results. Excluding these one-offs, the company’s net income reached PHP 4.3 billion, down 18%, as weaker solar output and lower electricity prices offset gains from newly commissioned renewable assets.

The Ayala-led energy company said its renewable energy generation rose 16% year-on-year to 4,843 gigawatt-hours (GWh), driven by new contributions from Stubbo Solar in Australia and Monsoon Wind in Lao PDR. Both projects became fully operational in the third quarter, helping lift ACEN’s total attributable capacity to 7 gigawatts (GW), with 4.3 GW now in operation across Asia-Pacific.

President and CEO Eric Francia said the results reflect both the challenges and the company’s steady progress across its markets. “We continue to build on the momentum across our various markets,” he said. “We remain focused on scaling our renewables portfolio and accelerating investments in energy storage.”

Meanwhile, the company’s revenue fell 18% to PHP 23 billion, reflecting lower spot electricity prices in the Philippines and Australia. Core attributable earnings before interest, taxes, depreciation, and amortization (EBITDA), however, rose 9% to PHP 15.6 billion, buoyed by strong performance in the third quarter.

The company said third-quarter EBITDA jumped 37% year-on-year, supported by a 28% increase in power generation from new renewable facilities. ACEN also recognized a PHP 2.7 billion impairment in the first half related to two wind projects in Vietnam, which accounted for much of the profit drop.

Chief Financial and Sustainability Officer Jonathan Back said the results show the realities of operating in a challenging market. “This quarter reflects the realities of operating in this dynamic energy landscape,” he said. “We remain focused on optimizing margins, strengthening our balance sheet, and ensuring long-term value creation.”

Philippines: Diesel Exit, Wind Recovery, and Retail Growth

In the Philippines, ACEN’s renewables output fell 6% to 1,305 GWh, affected by wind turbine outages in Ilocos Norte. Attributable revenue dropped 11% to PHP 25.5 billion, with the average Wholesale Electricity Spot Market (WESM) price down about 35% year-on-year to PHP 3.3 per kilowatt-hour.

Despite the decline, ACEN achieved major milestones in its domestic portfolio. The company completed the divestment of all remaining diesel assets, making it a 100% renewable energy company. The 70 MW Capa Wind project in Ilocos Norte is now fully operational, while Pagudpud Wind repairs are nearly complete and NorthWind rehabilitation is expected by November, extending the project’s life by another decade.

The company’s retail electricity supply arm, ACEN Renewable Energy Solutions (ACEN RES), continued to grow. It now serves 708 customers with a contracted capacity of 456 MW, including new clients such as Schneider Electric and Ateneo de Manila University’s Rockwell campus. ACEN RES holds a 56% share of the Green Energy Option Program (GEOP) market.

Meanwhile, the 69.4 MWp Sual Solar project, developed with Yanara Energy (formerly BrightNight), secured preliminary acceptance under the fourth round of the Green Energy Auction Program (GEAP).

International: Expansion Across Asia-Pacific

International operations provided a significant boost to ACEN’s portfolio.

In Australia, Stubbo Solar reached full operations in late October and helped drive a 54% increase in output. The 200 MW New England Battery Energy Storage System (BESS) remains on track for completion by the first half of 2027.

In India, output climbed to 548 GWh, with ongoing construction on over 1 GW of hybrid and solar projects scheduled for completion by 2027.

In Laos, the 600 MW Monsoon Wind project reached full commercial operations four months ahead of schedule, contributing to a 26% increase in regional output. This helped lift international revenues by 13% to PHP 6.6 billion, with EBITDA up 22% to PHP 5.8 billion.

Geothermal operations in Indonesia also recorded steady growth, with Salak and Darajat generation rising 2%. The 40 MW Salak Unit 7 expansion project is 21% complete and expected to go online in early 2027.

Sustainability Drive

The company also highlighted its sustainability efforts, including a partnership with the Department of Environment and Natural Resources to plant five million trees by 2028 under the “Forests for Life” program. ACEN was recently recognized with several ESG and corporate governance awards, including the Inquirer ESG Impact Award (Grand Prize) and four Golden Arrows from the ASEAN Corporate Governance Scorecard.

How can companies like ACEN balance financial challenges with the need to expand clean energy investments?

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