ACEN Corp.'s expansion in renewable energy has propelled earnings growth, driven by the completion of new projects. 

As more solar, wind, and battery storage facilities come online, the company continues to strengthen its clean energy portfolio and capitalize on the growing demand for sustainable power.

In a stock exchange filing on Wednesday, the Ayala Group’s energy unit reported a net income growth of 27 percent to P9.36 billion in 2024, driven by higher output from newly operational plants.

The company said attributable renewable generation rose 25 percent to 5,596 gigawatt-hours (GWh), accounting for 37 percent of core EBITDA. In the Philippines, ACEN’s net seller position expanded 57 percent to 1,131 GWh.  

Core attributable EBITDA, excluding non-recurring asset sales, climbed 25 percent to P19.3 billion. Gains from value realization contributed P2.8 billion to net income.  

Renewable generation across ACEN’s international portfolio rose 13 percent to 3,770 GWh, supported by new plants in Australia, India, and Vietnam. 

However, wind output in the Philippines was affected in the fourth quarter by turbine outages caused by Typhoon Marce in November.  

Nonetheless, ACEN’s total renewable capacity reached 7.0 gigawatts (GW), with 3.3 GW in operation, 2.3 GW under construction, and 1.4 GW set to begin construction within 12 to 18 months.  

In the Philippines, output surged 60 percent to 1,826 GWh following the commissioning of Cagayan North Solar, SanMar Solar Phases 1 & 2, Arayat-Mexico 2 Solar, and Capa Wind. Construction also began on the Quezon North Wind project, set to be the country’s largest wind farm when completed in 2026.  

ACEN Renewable Energy Solutions grew its customer base by 36 percent to 374 megawatts (MW) across 554 accounts and secured 160 MW in Meralco’s mid-merit bidding.  

In Australia, New England Solar’s first full year of operations boosted output by 50 percent, while Stubbo Solar began contributing power ahead of its 2025 launch. ACEN also secured a 936 MW Capacity Investment Scheme Agreement for its Valley of the Winds project.  

India’s output surged 93 percent, with EBITDA up 109 percent, driven by Masaya Solar’s full-year operations. Total capacity tripled to over 1.6 GW.  

Vietnam’s output rose 8 percent, supported by new wind and solar projects. 

In Indonesia, ACEN partnered with Barito Renewables to develop 320 MW of wind projects.

In December, ACEN and ib vogt began developing 80 MW solar farms in Malaysia and the 68 MW Sonagazi solar plant in Bangladesh.

ACEN closed 2024 with total assets of P329.5 billion, up 16 percent from the previous year. Cash reserves stood at P25.2 billion, while attributable net debt climbed to P161.8 billion as investments in ongoing projects continued. The company’s net debt-to-equity ratio rose to 0.69 from 0.23 in 2023.