ACEN Corp. on Wednesday reported a 34 percent jump in consolidated net income in the first quarter this year to P2.7 billion versus last year’s P2 billion, driven higher by the 49 percent surge in the company’s renewable energy output.
The company said sustained increases in renewable energy capacity and its net seller position at the Wholesale Electricity Spot Market (WESM) contributed to growth.
ACEN said the performance is also a reflection of the contribution of newly operating solar and wind farms, in the Philippines and Australia.
Company revenue, comprised of the consolidated Philippine and Australian operations, increased 8 percent to P9.9 billion during the quarter from P9.1 billion.
ACEN said that as of end-March 2024, it has generated 4,800 megawatts (MW) in renewables capacity.
Including over 1,000 MW in signed agreements and competitive tenders won, ACEN has effectively surpassed its goal of reaching 5,000 MW of renewable energy capacity by 2025 two years ahead of schedule.
Of the target number, ACEN said 65 percent is now fully operational.
Apart from the Philippines, ACEN also has projects in Australia, Vietnam, Indonesia, the Lao People’s Democratic Republic, India, United States and Taiwan.
