ACEN Corp., the renewable energy unit of the Ayala Group, said Thursday first-half net income soared 49 percent year-on-year to P6.3 billion as it added capacity across its markets and enhanced its net selling position at the Wholesale Electricity Spot Market.
It said net income in the January-June semester includes a P1.4 billion net gain from the early repayment of a loan for the Mui Ne Wind project in Vietnam and the sale of ACEN shares in the Sidrap wind farm in Indonesia. Excluding these gains, net income attributable to the parent total P4.9 billion, a 21 percent increase year-on-year.
The listed power firm ended June with attributable renewable capacity of around 4.8 gigaWatt globally, with about 69 percent either fully or partially operational. ACEN said it already surpassed its 2025 target of 5 GW of renewable energy capacity ahead of schedule, supported by over 1 GW of new agreements and competitive tenders.
Total attributable renewable output for ACEN amounted to 2,908 gigaWatt-hours, reflecting a 42 percent increase from the previous year, despite seasonal drops in renewable energy resources such as wind and solar.
ACEN said core attributable earnings before interest, taxes, depreciation, and amortization (EBITDA), excluding one-time items, increased 21 percent year-on-year to P10.1 billion.
“We are on track with our growth objectives and continue to advance our project pipeline,” said Eric Francia, ACEN president and chief executive officer.
ACEN’s renewable energy plants in the Philippines generated 77 percent more electricity in the first half to 1,015 GWh.
New operational plants include the 385 MW SanMar Solar, 160 MW Pagudpud Wind, 70 MW Capa Wind, 133 MW Cagayan North Solar, and the second phase of the 116 MW Arayat-Mexico Solar joint venture. These facilities contributed 52 percent of ACEN’s renewable energy output in the Philippines. The company’s net seller position in the WESM grew 80 percent to 606 GWh, supported by these new plants, which also benefited the retail electricity supply business, increasing its portfolio to 265 MW, up 51 percent.
Internationally, ACEN’s assets increased energy generation to 1,893 GWh. Among the power plants abroad commissioned this year include the 522 MW New England Solar in Australia, the 420 MW Masaya Solar in India, and the 60 MW Lac Hoa & Hoa Dong Wind in Vietnam. The 287 MW first phase of the SUPER solar platform in Vietnam, acquired in 2023, was also added to ACEN’s generation portfolio.
“The results from our new plants are promising and our strong balance sheet supports continued growth opportunities,” said Jonathan Back, ACEN chief finance officer and chief strategy officer.
Consolidated assets increased 8 percent to P309.1 billion at the end of June while long-term investments grew 23 percent to P192.2 billion.
ACEN secured additional funding in early 2024, including a USD150 million term loan from SMBC Singapore in April and a long-term syndicated facility in July from five international banks led by CBTC Singapore. The company holds unused credit lines totaling P80 billion.
In April, ACEN verified an additional 78 kilotons of carbon dioxide equivalent (CO2e) stored at its 625-hectare Conservation Estate in Ilocos Norte, bringing the total to 345 kilotons since 2014.
In June, ACEN launched the Agro-Circularity in Renewable Energy (ACRE) program with SariSuki, aimed at supporting farmers in ACEN’s host communities by enhancing agricultural skills and improving market access.
