ACEN Corp., the renewable energy arm of the Ayala group, reported net income in 2024 surging 27 percent to P9.36 billion, fueled by higher generation from new renewable energy plants, a strategic expansion program, and a 25 percent increase in attributable renewable output, totaling 5,596 GWh.
The company’s core earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 25 percent, totaling P19.3 billion. The increase was primarily due to fresh generation from recently operationalized renewable energy projects. Despite challenges, including the impact of Typhoon Marce on wind generation in the Philippines in the fourth quarter, ACEN’s international portfolio performed well, with a 13 percent increase in output.
ACEN’s current and expected renewable capacity now total 7.0 gigaWatt, with 3.3 GW in operation, 2.3 GW under construction, and 1.4 GW expected to break ground in the next 12-18 months. In the Philippines, ACEN’s growth continued with the completion of several key renewable energy projects, including the Cagayan North Solar and Arayat-Mexico 2 Solar plants. The company also began construction on the Quezon North Wind project, which, once completed in 2026, will be the largest wind farm in the country.
ACEN’s growth continued with significant contributions from assets in Australia, India, and Vietnam. In India, capacity nearly tripled, and in Vietnam, the completion of wind and solar projects boosted generation by 8 percent. ACEN also secured key partnerships in Indonesia, the U.S., and Southeast Asia, further expanding its global footprint.
With total assets valued at P329.5 billion, ACEN is positioned for further growth, supported by a strong financial foundation and an expanding renewable energy portfolio worldwide.
