ACEN’s net income surges 34% YoY in Q1

The company has reached its 2025 5 GW renewables capacity target during the period.

ACEN’s net income grew by 34% year-on-year in the first quarter to reach $47.1m (PHP2.7b) driven by the significant increase in the company’s renewable energy output.

In a disclosure, ACEN said its renewable energy output rose by 49% reflecting the contribution of the newly operating solar and wind farms particularly in the Philippines and Australia.

Revenues from the green certificates in Australia also contributed to the growth, it added.

The results were partially offset by the lower wind output in Vietnam and North Luzon, the sell-down in the third quarter of 2023 in Salak and Dajarat Geothermal in Indonesia, and the lower wholesale electricity spot market prices in the Philippines.

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“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,” ACEN President and CEO Eric Francia said. 

“Having passed the 5 GW goal almost two years ahead of schedule, we are in a strong position to realize our vision to reach 20 GW of renewables by 2030,” he added.

ACEN’s renewable energy capacity reached 4.8 GW as of 31 March 2024, including over 1 GW of signed agreements and won competitive tenders, its capacity has exceeded that 5 GW renewable energy target by 2025.

$1 = PHP57.33