ACEN Corp., the listed energy platform of the Ayala Group, expects a slowdown in operating growth this year but sees a strong rebound starting in 2026 as more of its renewable energy (RE) projects come online.

“We would not expect to see such a high rate of growth at the operating level because we do not have as much new capacity coming online in 2025 as we did in 2024,” ACEN chief finance officer Jonathan Back said in a recent interview with reporters. 

Back attributed the expected slowdown to the company’s project pipeline and the uneven pace of project completion. 

“We have good visibility on our project pipeline and new projects coming online over the next two to three years,” Back said. “So ’25 will be a little bit slower, but ’26 and particularly ’27 you’ll see more.”

“While we would still expect to see good growth at the EBITDA level in 2025, for depreciation, I think we could expect to see pretty robust growth more in 2026 and 2027,” he added. 

1,200-MW capacity eyed

ACEN aims to complete 1,200 megawatts (MW) in RE capacity by the end of the year, including projects in the Philippines, Lao PDR, and India.  

ACEN expects several projects to be completed this year, including 146 MW from the Monsoon wind project in Lao PDR, 520 MW from the Stubbo solar project in Australia, 60 MW from a solar project in Pangasinan, 109 MW from the Stockyard wind project in Texas, 123 MW from a solar hybrid project in India, 160 MW from a wind project in Pagudpud, Ilocos Norte, and 57 MW from the Capa wind project, also in Pagudpud.  

The company is working toward its goal of 20,000 MW in RE capacity by 2030 while aiming for Net Zero greenhouse gas emissions by 2050.

ACEN has a presence in Australia, India, Lao PDR, the United States, Indonesia, Vietnam, Bangladesh and Taiwan.