ACEN’s net income jumps 49% to $107.1m in H1 2024

Improved selling in the wholesale electricity market boosted gains.

Philippine-based ACEN Corporation has reported a 49% increase in its net earnings to reach $107.1m (PHP6.3b) in the first half (H1) of the year driven by a 42% growth in its attributable renewable energy generation and a better net selling position in the country’s Wholesale Electricity Spot Market.

In a regulatory filing, ACEN said its latest net profit includes $23.8m (PHP1.4b) in net value realisation gain from the partial repayment in the first quarter of the company’s loan originally extended for the Mui Ne Wind project in Vietnam, and the completion of the sale of 100% of ACEN’s shares in the Sidrap wind farm in Indonesia in April. 

ACEN’s earnings before interest, taxes, depreciation, and amortisation also grew 21% to $171.7m (PHP10.1b) from a year ago.

As of end-June, ACEN’s renewables capacity stood at around 4.8 gigawatts (GW), of which 69%, or approximately 3.3 GW, is in full or partial operation. 

“With over 1 GW of signed agreements and competitive tenders won, ACEN has effectively surpassed its goal of building a portfolio of 5 GW of renewable energy capacity ahead of its end-2025 target,” the company said.

In H1, ACEN’s total attributable renewables output across its markets increased 42% to 2,908 gigawatt-hours from last year. The expansion was supported by the operationalisation of several plants over the last six months, it noted. 

“This overall robust performance came despite the seasonally driven renewable energy resource drops in the second quarter – for wind in Northern Luzon and Vietnam, and for solar irradiance in Australia,” ACEN said. 

The company earlier announced that plans to raise $15b to increase its attributable renewables capacity from 5 GW to 20 GW in six years.

$1 = PHP57.30