Clean power lifts ACEN income to P9.4 billion

MANILA, Philippines — Ayala-led ACEN Corp.’s bold push into green energy not only propelled its sustainability goals but also powered its earnings to P9.36 billion last year.

The company’s 2024 net income was 27 percent higher than 2023’s P7.4 billion, thanks to hotter renewables output from both domestic and international operations.

Revenues marginally rose to P37.3 billion from P36.5 billion on a yearly basis, while costs and expenses narrowed to P27.36 billion from P31.73 billion.

“ACEN continues to progress toward our goals, notwithstanding the global headwinds impacting the energy transition. The company remains committed to scaling up renewables in the Philippines and around the region,” ACEN president and CEO Eric Francia said.

The firm’s attributable renewables output sizzled by 25 percent year-on-year to 5,596 gigawatt-hours (GWh) in 2024 despite lower wind generation in the Philippines during the fourth quarter.

The improvement was attributed to significant contributions from new renewable energy plants operationalized last year, both here in the Philippines and abroad.

In the Philippines alone, renewables output surged by 60 percent to 1,826 GWh as more green facilities across Zambales, Ilocos Norte, Cagayan and Pampanga were activated last year.

ACEN is also advancing the construction of the 500-megawatt Quezon North Wind Project, which is poised to become the country’s largest wind farm upon completion in 2026.

Across its international portfolio, the company saw its renewables output heat up by 13 percent to 3,770 GWh on the back of newly operationalized power plants in Australia, India and Vietnam.

“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,” ACEN CFO and chief strategy officer Jonathan Back said.

To date, ACEN boasts an attributable renewables capacity of seven GW, consisting of 3.3 GW in operation, 2.3 GW under construction, and 1.4 GW of committed projects.

As the listed energy platform of the Ayala Group, ACEN aims to expand its renewables capacity to 20 GW by 2030 and achieve net zero emissions by 2050.