ACEN Corp. has reported a 24 percent increase in net income for the first nine months of 2024, reaching ₱8.14 billion, up from ₱6.6 billion in the same period last year.
In a disclosure to the Philippine Stock Exchange, the company attributed the robust growth to a 31 percent rise in renewable energy (RE) generation and its strong position in the Wholesale Electricity Spot Market. ACEN’s renewable energy output for the first three quarters of 2024 totaled 4,127 gigawatt hours (GWh), an increase from only 3,174 GWh recorded in the same period in 2023.
The company’s global renewable generation portfolio has expanded to approximately 6.8 gigawatts (GW), with 3 GW of this capacity now fully operational.
“ACEN’s renewable capacity has grown to almost 7 GW, reflecting the strong momentum behind the energy transition in the region. We remain focused on execution, particularly for projects currently under construction and development,” said Eric Francia, ACEN president and CEO.
For the period, ACEN’s renewable energy plants generated 1,370 GWh, while its international assets produced 2,741 GWh, supported by new operational projects such as New England Solar in Australia and Masaya Solar in India.
Looking ahead, ACEN aims to expand its renewable capacity to 20 GW by 2030, with a long-term goal of achieving net zero greenhouse gas emissions by 2050. The company currently has ongoing projects in the Philippines, Australia, India, Indonesia, Vietnam, Laos, the United States, and Taiwan.
