AC Energy disclosed that it achieved a consolidated net income of ₱2.7 billion for the first half of 2021, a 5 % increase from ₱2.6 billion of the previous year. This includes the results of operations of the international power assets that have been recently infused by parent AC Energy and Infrastructure Corporation (ACEIC) into ACEN.
Consolidated revenues for the period rose 35 % to ₱13.4 billion. ACEN’s performance was driven by demand recovery from pre-Covid-19 pandemic levels, acquisition of operating projects, and newly operational renewable energy (RE) projects. However, 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 CFO Cora Dizon.
Attributable output rose 16 % in the first half of 2021 to 2,224 gigawatt-hours (GWh). This was driven by increased operational capacity from acquisitions and new power plants, as well as recovery in Luzon power demand in May and June, exceeding pre-pandemic levels. Renewable resources accounted for 52 % of total energy output during the period.
Attributable capacity at the end of the period rose by a remarkable 56 % to 2,589 megawatts (MW) from 1,659 MW in the first half of 2020, with the start of construction of new projects in the Philippines and in Vietnam, and the company’s first projects in India and in Australia. ACEN’s renewables portfolio doubled to 2,070 MW in June 2021, from 1,041 MW at the same time last year. With the infusion of international assets, renewables now comprise 80 % of the company’s capacity.
The company currently has over 1,000 MW of attributable capacity under construction, with over half of the projects expected to be operational within the next 6-12 months.
Two new plants in the Philippines commenced commercial operations during the period: the 63-MW Gigasol Palauig solar plant in Zambales in April and 120-MW Gigasol Alaminos solar plant in Laguna in June. Offshore, two new RE plants began commercial operations in the second quarter of 2021: the 70-MW Paryapt Solar in Gujarat, India in April and the 140-MW Sitara Solar in Rajasthan, India in May.
The company successfully competed its ₱13.1 billion follow-on offering last May, further strengthening the company’s balance sheet. The consolidated cash balance stood at ₱39.5 billion at the end of the period. The SEC approved in June the increase in authorised capital stock of the company in relation to the infusion of ACEIC’s international assets. This resulted in an increase in the company’s outstanding shares which now stands at 38.23 billion shares.
“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 CEO Eric Francia. “With our robust balance sheet and strong pipeline, the company is well poised to attain our goal of reaching 5000 MW of renewables capacity by 2025.”