ACEN Corp., the power arm of the Ayala group, expects to complete 1.2 gigawatts (GW) of renewable capacity by the end of 2025, a top executive said.
ACEN president Eric Francia said the company already reached 6.8 gigawatts of power generation capacity, of which 45 percent are operating, 34 percent under construction and the rest are committed or board-approved projects.
He said among the projects expected to be operational next year are the 520-megawatt direct current Stubbo solar project in New South Wales, Australia; the 600-MW Monsoon wind project in Laos; and the 300-MW Palauig 2 solar project in Zambales.
The Stubbo solar project was approved by the New South Wales Department of Planning, Industry and Environment in July 2021.
It is being constructed across 1,250 hectares of mostly cleared grazing land in the Central West region of NSW.
Meanwhile, the Monsoon Wind project will enable Asia’s first cross-border wind project and the largest renewable energy platform for regional connectivity.
ACEN recorded a 24-percent increase in its net income to P8.14 billion in the first nine months of 2024, driven by newly-operational plants as its operational power generation portfolio reached 3 GW.
Its financial 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 company said new renewable energy plants, operationalized earlier in 2024, continued to contribute significantly to year-to-date growth in generation output and in turn financial performance.
These new plants in the Philippines also allowed ACEN Renewable Energy Solutions (RES), the company’s retail electricity supply unit, to expand its contracted customer base.
“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 earlier.
