ACEN earnings rise in H1

MANILA, Philippines — Higher revenues from the generation business powered ACEN Corp.’s earnings to nearly double in the first half of the year.

The listed energy platform of the Ayala Group reported a 94 percent surge in its net income in the first semester to P4.2 billion.

ACEN generated P20.5 billion in revenues during the six-month period, up by 28 percent.

Attributable earnings before interest, taxes, depreciation, and amortization (EBITDA), which includes ACEN’s share of EBITDA from non-consolidated operating associates and joint ventures, grew by 20 percent to P9.4 billion.

Philippine operations contributed P4.1 billion to EBITDA, a 48 percent jump year-on-year, boosted by a strong Northern Luzon wind regime and the portfolio’s swing to a net seller position.

International EBITDA also saw a 17 percent improvement to P5.5 billion driven by stronger wind resources and the ongoing commissioning of the 521-megawatt direct current (MWdc) New England Solar farm in Australia, supported by carbon credit sales in Vietnam.

During the first semester, renewables generation from thr company’s Philippine operations expanded by 30 percent to 568 gigawatt hours (GWh) with the commissioning of the country’s largest wind farm to date, the 160-MW Pagudpud wind farm in Ilocos Norte, as well as of the 44-MWdc second phase of the Arayat-Mexico solar farm in Pampanga.

ACEN’s international portfolio, on the other hand, generated 1,483 GWh, a 17 percent increase due strong wind resources in Vietnam, alongside improved capacity factors in Indonesia, and the ramp up of commissioning offtake for the first phase of New England Solar.

“Our growth continues to be robust midway through 2023. 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,” ACEN president and CEO Eric Francia said.

“This has transitioned us to a net selling position in the Philippine spot market and strengthened our financial performance,” Francia said.

ACEN aims to achieve 20 GW in attributable renewables capacity by 2030, with its renewable energy portfolio now at 4.3 GW for both operational and under construction projects.

“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.

The company aims to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 GW of renewables capacity by 2030.

It is looking to hit its five GW of renewable energy capacity target by 2025 or earlier amid its aggressive expansion.

“We continue to be at the forefront of the global energy transition as we actively establish new partnerships and grow existing relationships in order to deliver reliable and sustainable power to the markets we serve. We are confident that these opportunities will allow us to move ever closer to our ACEN 2030 aspirations and beyond,” ACEN chief strategy officer Jonathan Back said.