August 05, 2021 at 07:05 pm
Alena Mae S. Flores
AC Energy Corp. said Thursday it posted consolidated net income of P2.7 billion in the first half, up 5 percent from P2.6 billion a year ago.
This includes the results of operations of the international power assets that were infused by parent AC Energy and Infrastructure Corp. into ACEN.
ACEN, through wholly-owned subsidiary AC Renewables International announced it would enter into a joint venture with NEFIN Holding Limited, a leading solar photovoltaic developer and investor in carbon neutrality solutions.
ACEN and NEFIN will establish a 50/50 joint venture holding company that will develop, construct and operate rooftop solar projects across Asia.
The joint venture will own 21 megawatts of operating assets and has a robust near-term project pipeline. NEFIN, as an expert in rooftop solar PV system engineering and management, has collectively delivered over 300 MW of utility-scale, commercial and industrial solar PV systems for itself and its clients.
ACEN said ACRI’s investment into the joint venture vehicle would be via a primary infusion of an initial S$10 million of fresh funds which would be used to construct near-term projects over the coming years.
“We’re very pleased with the significant momentum in our renewables expansion both in the Philippines and around the region,” said AC Energy president and chief operating officer Eric Francia in a statement.
“With our robust balance sheet and strong pipeline, the company is well poised to attain our goal of reaching 5,000 MW of renewables capacity by 2025,” he said.
ACRI will also commit to further expand its funding for the development and construction of the rest of the joint venture’s carbon neutrality pipeline.
Meanwhile, ACEN's consolidated revenues in the first half rose 35 percent to P13.4 billion, driven by demand recovery from pre-pandemic levels, acquisition of operating projects and newly operational renewable energy projects.
ACEN said the strong revenue growth was partially offset by increased costs of purchased power due to high WESM prices during thermal power outages.
“The integration of international business into ACEN further strengthens the company's balance sheet to support our diversified growth plans in the Philippine and offshore markets,” said AC Energy chief finance officer Cora Dizon.