MANILA -Ayala-led ACEN Corp. saw its earnings grow by 59 percent to P6.6 billion in the first nine months of the year on the back of fresh contributions from its renewable energy facilities in the Philippines and Australia as part of its aggressive portfolio expansion.
In a stock exchange disclosure on Thursday, ACEN, the listed energy platform of the Ayala group, said domestic renewables generation rose by 29 percent to 769 gigawatt-hours (GWh).
This is due mainly to the continued commissioning of its 44-megawatt (MW) Arayat-Mexico solar farm in Pampanga province and the 160-MW Pagudpud wind farm in Ilocos Norte province.
READ:ACEN hikes stake in Pagudpud wind farm
International portfolio
Its international portfolio, meanwhile, generated 2,405 GWh, a 27-percent rise year-on-year, as the New England solar project in Australia neared full capacity.
READ: ACEN eyes expansion in Pilbara, Australia
The 420-MW Masaya solar farm in India and the 287-MW solar farm in Vietnam contributed additional output, according to ACEN.
“The company continues with its healthy growth trajectory, notwithstanding delays in the major renewable projects. We hope to begin commercial operations of around 700 MW of solar and wind projects in the Philippines before the summer of 2024,” said Eric Francia, ACEN president and chief executive.
Attributable earnings before interest, taxes, depreciation and amortization climbed by 21 percent to P14.1 billion as a result of ACEN reducing its stake in the Salak and Darajat geothermal plants in Indonesia. INQ