Ayala’s ACEN Logs 49 Percent Surge In Net Income To PHP6.3 Billion In H1 2024

ACEN, the renewable energy platform of the Ayala Group, has reported a remarkable 49 percent increase in consolidated net income, reaching PHP6.3 billion for the first half of 2024, compared to the same period last year.

ACEN brought several solar and wind farms into operation during the first half of 2024. I Photo: ACEN Facebook

In a disclosure to the Philippine Stock Exchange (PSE), the company attributed its continued strong financial performance to its renewable energy (RE) generation, which grew by a similar 42 percent, as well as to its improved net selling position in the Philippine Wholesale Electricity Spot Market.

ACEN highlighted substantial year-on-year growth across its key metrics, especially due to the addition of new operating capacity from several renewable energy plants in the company’s major markets.

Its renewable energy plants in the Philippines generated 1,015 GWh in the first half of 2024, a 77 percent increase over the same period in 2023.

ACEN brought several solar and wind farms into operation during the first half of 2024, including the 385 MW phases 1 and 2 of SanMar Solar in Zambales, the 160 MW Pagudpud Wind and 70 MW Caparispisan Wind, both in Ilocos Norte, the 133 MW Cagayan North Solar in Cagayan, and the second phase of the 116 MW Arayat-Mexico Solar joint venture in Pampanga.

These plants contributed 52 percent of ACEN’s renewable energy output in the Philippines this year.

Beyond the Philippines, ACEN continues to strengthen its presence in Australia, Vietnam, India, Indonesia, Lao PDR, and the U.S.A.

With about 4.8 GW of attributable renewables capacity currently in operation and under construction, as well as signed agreements and won competitive tenders worth over 1 GW, the company has already effectively surpassed its original goal of reaching 5 GW of renewables by 2025.

ACEN has emphasized its commitment to providing clean, reliable, and affordable energy in the Asia-Pacific region and growing its renewables capacity to 20 GW by 2030.