ACEN, the renewable energy arm of the Ayala Group, reported a net income of Php 9.36 billion in 2024, marking a 27% increase from the previous year. The strong financial performance was attributed to a 25% rise in attributable renewable energy output, which reached 5,596 gigawatt-hours (GWh).
According to the company, newly energized power plants played a key role in this growth, contributing 37% to its core attributable earnings before interest, taxes, depreciation, and amortization (EBITDA). Excluding non-recurring income from asset sales, ACEN’s core attributable EBITDA rose by 25% to Php 19.3 billion, while gains from value realization added Php 2.8 billion to the net income.
ACEN President and CEO Eric Francia reaffirmed the company’s commitment to expanding its renewable energy portfolio despite global challenges in the energy transition.
Expansion in the Philippines and Overseas
ACEN expanded its net seller position in the Philippine energy market by 57%, reaching 1,131 GWh, supported by new renewable energy capacity. Local renewable energy generation surged by 60% to 1,826 GWh, driven by newly operational projects such as Cagayan North Solar, SanMar Solar Phases 1 and 2, Arayat-Mexico 2 Solar, and Capa Wind. The company also commenced construction on the Quezon North Wind project, which is set to become the country’s largest wind farm upon completion in 2026.
Internationally, renewable energy generation increased by 13% year-over-year to 3,770 GWh, with new facilities in Australia, India, and Vietnam contributing to the expansion.
ACEN’s total renewable energy capacity now stands at 7.0 gigawatts (GW), including 3.3 GW in operation, 2.3 GW under construction, and 1.4 GW in projects expected to begin construction within the next 12 to 18 months.
Retail Electricity and Financial Performance
ACEN Renewable Energy Solutions, the company’s retail electricity arm, grew its customer base by 36% to 374 megawatts (MW), supplying power to 554 clients across various industries. Additionally, ACEN secured 160 MW of renewable energy mid-merit contracts through Meralco’s Competitive Selection Process in July.
The company ended 2024 with Php 329.5 billion in total assets, a 16% increase from the previous year. Cash reserves stood at Php 25.2 billion, while net debt rose to Php 161.8 billion, bringing the net debt-to-equity ratio to 0.69.
Sustainability and Climate Initiatives
ACEN received an improved A- rating from the Carbon Disclosure Project for its climate action efforts, advancing from a previous B rating. The company also surpassed its environmental targets, achieving its goal of planting one million trees a year ahead of schedule and restoring 2,815 hectares of forestland.
Chief Financial Officer and Chief Strategy Officer Jonathan Back highlighted ACEN’s ability to build a strong renewable energy portfolio with stable returns. With a growing presence in key markets and an expanding clean energy pipeline, the company continues to position itself as a leading player in the region’s renewable energy sector.
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