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ACEN reports 34% increase in profit in Q1 2024 due to 49% increase in renewables generation

ACEN, the listed energy platform of the Ayala group, has announced a 34 percent rise in its consolidated net income to Php2.7 billion for the first quarter of 2024. This growth is driven by a 49 percent increase in attributable renewable energy output.


ACEN’s financial performance improved significantly due to the ramp-up of new solar and wind farms, particularly in the Philippines and Australia. Statutory revenues rose 8 percent year-on-year to Php9.9 billion, and core EBITDA grew 32 percent to Php5.3 billion. Despite lower wind output in Vietnam and North Luzon and reduced WESM prices in the Philippines, these gains were notable.


The company’s renewable energy plants in the Philippines generated 570 GWh in Q1 2024, an 83 percent increase from the previous year, bolstered by new solar and wind projects. Internationally, ACEN’s output rose 35 percent to 1,010 GWh, driven by large-scale solar projects in Australia and Vietnam.


As of March 31, 2024, ACEN’s consolidated assets increased to Php289.3 billion. Long-term investments grew to Php165.5 billion, with cash reserves at Php27.3 billion. The company secured several significant loan facilities, including USD320 million in green loans from RCBC and PNB, AUD150 million from ANZ and Westpac, and USD150 million from Sumitomo Mitsui.


In sustainability efforts, ACEN received a “B” rating from CDP for climate change disclosure and announced a pilot project under the Coal to Clean Credit Initiative with The Rockefeller Foundation, aiming to avoid up to 19 million metric tons of CO2 emissions.


ACEN President and CEO Eric Francia stated, “The company’s solid first-quarter result reflects the steady realization of our long-term strategy. We will continue to build on this momentum as we focus on excellence in execution.”


CFO Jonathan Back added, “Our commitment to execution is beginning to realize benefits with solid core operating results. ACEN’s performance in the first quarter augurs well for the rest of 2024 and the achievement of our long-term goals.”

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