ACEN income grows 24%

Corporate Business – November 8, 2024
from Malaya Business Insight

ACEN Corp. booked a 24- percent surge in net income in the first nine months of the year to P8.14 billion from P6.6 billion in the same period in 2023.

Growth was driven by a 31- percent growth in attributable renewable energy (RE) generation and ACEN’s stabilized, strong net selling position in the Wholesale Electricity Spot Market.

ACEN said total attributable renewables output in the first nine months of 2024 amounted to 4,127 gigawatt hours (GWh) from last year’s 3,174 kWh.

The company said its global generation portfolio now stands at approximately 6.8 gigawatts (GW), 3 GW of which are fully operational assets.

“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,” said Eric Francia, ACEN president and chief executive officer, in a statement.

ACEN’s RE plants in the Philippines generated 1,370 GWh while its international markets generated 2,741 GWh, driven mainly by the large new projects fully operationalized this year including the New England Solar in Australia and Masaya Solar in India.