ACEN eyes more investment deals

BY LENIE LECTURA – MAY 8, 2023
from Business Mirror

ACEN Corp., the listed energy platform of conglomerate Ayala Corp., is expected to forge more investment deals abroad in the next few months.

“I wouldn’t be surprised if we would announce new investments overseas this year. I can see a few projects, which should be ready for investment decision in the next 6 to 9 months. So yes, in short, I do expect more investments overseas this year,” said ACEN International CEO Patrice Clausse.

He did not identify these potential deals but said these are with “existing partners, and on our own, I can see projects reaching investment decision.” ACEN has about 4,200 megawatts (MW) of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia, and India. Its goal is to be the largest listed renewables platform in Southeast Asia, with 20 gigawatts (GW) of renewables capacity by 2030.

A few months ago, ACEN extended its reach in the United States as it sealed a partnership with BrightNight, a US-based renewable power company, to develop, construct, and operate at least 1.2 GW of large-scale hybrid wind-solar and round-the-clock renewable power projects in India.

ACEN, through joint venture company UPC Power Solutions LLC, signed a purchase and sale agreement with GlidePath Power Solutions LLC for the acquisition of a portfolio of 8 operating wind projects totaling 136 MW in northern Texas.

This marks ACEN’s anticipated entry into the fast-growing American renewables market as it expands its geographic footprint beyond the Asia Pacific region.

ACEN’s net income in the first quarter grew to P2 billion, a fivefold increase from the same period last year.  Its revenues rose 23 percent year-on-year to P9.1 billion on higher generation due to better wind resources, as well as the start of commissioning of new power plants in the Philippines and in Australia.

“After weathering several challenges in 2022, we began the year with encouraging results brought about by the growth in generation output.

We expect to grow our net selling merchant position further, with more capacity scheduled to come online in the second half of the year. As our renewable energy investments begin to bear fruit, ACEN is now on a stronger footing as we continue working towards our aspiration of reaching 20 GW of renewables by 2030,” said ACEN President Eric Francia.