ACEN Corp., the renewable energy arm of the Ayala Group, said Wednesday it posted a net income of P9.3 billion in 2024, up 27 percent from a year earlier on higher renewable energy output.
ACEN said in a disclosure to the stock exchange its attributable renewables output went up 25 percent to 5,596 gigawatt-hours (GWh), buoyed by generation from plants energized throughout the year.
“ACEN continues to progress toward our goals, notwithstanding the global headwinds impacting the energy transition. The company remains committed to scale up renewables in the Philippines and around the region,” ACEN president and chief executive Eric Francia said.
ACEN’s full-year financial performance was underpinned by fresh generation from new renewable energy plants operationalized within 2024, with core attributable earnings before interest, taxes, depreciation and amortization (EBITDA)—which excludes non-recurring income from asset sales —growing 25 percent to P19.3 billion.
Consolidated net income after tax attributable to the parent stood at P9.36 billion, a 27 percent increase year-on-year, including P2.8 billion in gains from value realization throughout 2024.
“ACEN’s financial results in 2024 demonstrate our ability to convert a robust development pipeline into a renewable energy portfolio which can deliver strong and stable investor returns over the long-term. This focus on execution will remain central as we move forward,” ACEN chief finance officer and chief strategy officer Jonathan Back said.
ACEN carries attributable renewables capacity of 7 gigawatts, comprised of 3.3 GW in operation, 2.3 GW under construction and 1.4 GW of projects that have been approved by the company’s board and expected to begin construction within the next 12to 18 months.
ACEN said its international portfolio generated 3,770 GWh of renewable energy last year, a 13-percent increase over 2023, supported by output from newly operationalized plants in Australia, India and Vietnam.
ACEN has assets in Australia, U.S., Vietnam, Lao PDR, Indonesia, Malaysia and Bangladesh.
It also continued to expand its operating presence in the Philippines, with the completion of RE plants such as Cagayan North Solar, SanMar Solar Phases 1 & 2, Arayat-Mexico 2 Solar, and Capa Wind contributing to a 60 percent increase in output to 1,826 GWh.
The new capacity also supported the expansion of the company’s net seller position to 1,131 GWh, a 57-percent increase year-on-year.
Construction commenced on the turbines for the Quezon North Wind project in the fourth quarter, which will become the largest wind farm in the Philippines upon completion in 2026.
ACEN Renewable Energy Solutions (RES), the group’s Philippine retail electricity arm, also grew its book by 36 percent to 374 MW across 554 customers from various sectors including industrial, educational, residential, and others.
ACEN secured 160 MW of renewable energy mid-merit contracts in Meralco’s competitive selection process (CSP) in July 2024.
ACEN ended 2024 with total assets of P329.5 billion, an increase of 16 percent from 2023.
