ACEN Corp., the renewable energy unit of the Ayala Group, said Thursday it recorded a 24-percent increase its net income to P8.14 billion in the first nine months of 2024 from P6.6 billion a year ago, as its operational power generation portfolio reached 3 gigawatts (GW).
ACEN said in a disclosure to the Philippine Stock Exchange this expansion was underpinned by a 31-percent growth in attributable renewable energy generation and strong net selling position in the Wholesale Electricity Spot Market, the electricity spot market.
The company said new renewable energy plants, operationalized earlier in 2024, continued to contribute to year-to-date growth in generation output and financial performance.
New plants also allowed ACEN Renewable Energy Solutions (RES), the company’s retail electricity supply unit, to expand its contracted customer base.
“ACEN’s renewable capacity has grown to almost 7 GW, in line with the strong momentum behind the energy transition in the region. The company continues to focus on execution especially for projects in construction and under development,” ACEN president and chief executive Eric Francia said.
ACEN’s global generation portfolio now reaches 6.8 GW, including over 3 GW in fully operational assets, 2.3 GW in projects under construction and over 1.4 GW in committed projects that would begin construction in the next 12 months.
“The output from ACEN’s new plants helped cushion the expected impact of resource seasonality in the third quarter and ensured continued growth and stability in our financial and operational metrics. We continue to monitor our balance sheet with a view to strengthening it further, ensuring that ACEN remains well positioned as we develop our pipeline,” ACEN chief finance officer and chief strategy officer Jonathan Black said.
The company said the strong bottomline in the nine month period included a P1-billion gain in the third quarter from the full acquisition of shares in Ayala Land’s Real Estate Investment Trust (AREIT) in exchange for ACEN’s 276-hectare property in Zambales – a transaction approved by ACEN’s and AREIT’s boards and disclosed in November 2023.
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