ACEN reaps fruits of RE buildup

MANILA, Philippines — Ayala Group-led ACEN Corp. posted a 34-percent surge in net income from January to March after switching on new solar and wind power facilities here and abroad.

ACEN reported that its net income attributable to equity holders of the parent firm had climbed to P2.7 billion in the first quarter from P2.1 billion a year ago.

“The significant uplift in the company’s financial performance comes on the back of a 49-percent rise in attributable renewable energy (RE) output,” ACEN said in a disclosure on Wednesday.

RE generation surged to 1,580 gigawatt-hours (gWh); overseas units delivered 1,010 gWh and the remaining 570 gWh was generated locally.

READ: ACEN allocating P72B in 2024 for renewable project

The company switched on solar power plants in Zambales and Cagayan provinces, a wind farm in Ilocos Norte, and the second phase of its solar facility in Pampanga. Outside the archipelago, large-scale solar plants in Australia, India, and Vietnam went online.

The new facilities offset the lower output generated by wind farms in North Luzon and Vietnam, the impact of the sell-down of stakes in Salak and Darajat Geothermal in Indonesia, and the decline in power spot market prices.

READ: Acen firms up plans to increase solar energy capacity

“We will continue to build on this momentum as we focus on excellence in execution. Having passed the 5 GW (gigawatts) goal almost two years ahead of schedule, we are in a strong position to realize our vision to reach 20 GW of renewables by 2030,” ACEN president and CEO Eric Francia said.

Revenues from Philippine and Australian businesses rose by 8 percent to P9.9 billion.

As of end-March, ACEN had around 4.8 GW in attributable RE capacity. —Jordeene B. Lagare