ACEN Corp., the renewable energy arm of the Ayala group, is optimistic of continued financial growth in the next two to three years a it completes more RE projects.
“We wouldn’t expect to see such a high rate of growth at the operating because we don’t have as much new capacity coming online in 2025 as we did in 2024. so that and we’re in a slightly lumpy business so there’ll be years where it’s very fast growth like last year and then there’ll be some years where it’s flatter,” ACEN chief finance officer and chief strategy officer Jonathan Back said.
ACEN posted a net income of P9.3 billion in 2024, up 27 percent as the company’s attributable renewables output went up 25 percent to 5,596 gigawatthour (GWh), buoyed by generation from plants energized throughout the year.
Back said some of the company ’s projects will only fully come online towards the end of 2025 such as the 600 megawatt Monsoon Wind project in Laos PDR.
ACEN, together with its partners is building the Monsoon Wind project, Lao PDR’s first wind project.
ACEN also expects to complete the 400 MW Stubbo Solar in New South Wales in Australia late 2025.
“So there are some timing effects. Also last year our financial results were helped by the fact that depreciation hadn’t started on some of the new projects,” he said.
He said ACEN expects to see robust growth from 2025 into 2026 and 2027 “because we have good visibility on our project pipeline and new projects coming online over the next two to three years.”
ACEN’s attributable renewables capacity is at 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 12 to 18 months.
ACEN’s full year financial performance was underpinned by fresh generation from new renewable energy plants operationalized in 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. Alena Mae S. Flores
Consolidated net income after tax attributable to the parent stood at P9.36 billion, a 27 percent increase year over year, including P2.8 billion in gains from value realization throughout 2024.
