ACEN earnings up 94% on higher generation capacity

INQUIRER FILE PHOTO

MANILA  -Higher operating capacity driven by better weather conditions in its wind farms nearly doubled Ayala-led ACEN Corp.’s earnings in the first half of the year.

ACEN ended the first six months of 2023 with P4.2 billion in consolidated net income, a 94-percent growth from the P2.2 billion recorded in the same period last year, the company said in a stock exchange disclosure on Thursday.

Total renewable output rose by 21 percent to 2,052 gigawatt-hours (GWh) as Visayas steadily recovered in the aftermath of Supertyphoon “Odette” (international name: Rai).

As of June, ACEN said renewable generation from its Philippine operations increased to 568 GWh, a 30-percent increase from the previous year.

Its international portfolio, meanwhile, generated 1,483 GWh, showing a 17-percent rise mainly due to strong wind sources in Vietnam and the commissioning of the 521-megawatt (MW) New England Solar project in Australia.

The testing and commissioning of new projects also helped pull up ACEN’s consolidated revenues by 28 percent to P20.5 billion.

“We’ve made considerable progress with the continued ramp-up of our projects, helping provide much-needed supply to the Philippines and across the region,” said ACEN president and chief executive John Eric Francia.

20-GW goal

ACEN aims to grow its renewable energy portfolio to 20 gigawatts (GW) by the end of the decade through new developments.

The company currently has a portfolio of 4.3 GW in renewable energy, 1.6 GW of which is covered by assets in the Philippines, 1 GW in Australia, 900 MW in Vietnam and Laos, 500 MW in India, and 300 MW in Indonesia and other markets.

To reach its 20-GW goal, ACEN grew its long-term investments in renewable energy projects by 19 percent to P130.7 billion.

More borrowings to fund its clean energy expansion resulted in a 15-percent increase in liabilities to P95.5 billion.

“We continue to expand our funding sources and optimize ACEN’s capital structure, while keeping track of our leverage ratios, as we aggressively pursue new investments in line with our growth aspirations,” ACEN chief financial officer Cora Dizon said.