ACEN Q3 profit jumps 84% to P3.3B
ACEN subsidiary Unlimited Renewables Holdings B.V. and Amsa Solar Holdco Pte. Ltd., an entity linked to ACEN’s Indian joint venture with UPC Renewables have sold an initial 10 percent of what would eventually come to as much as 49 percent of Tejorupa Renewables India Project Private Limited which is constructing a 250-Mw alternating current utility-scale solar project in Rajasthan, India — through partner Diamond India Renewables One B.V. (DIRO). Unlimited Renewables is part of ACEN’s joint venture with UPC Renewables focused on India.
Photograph courtesy of Context.ph
ACEN Corp. reported an 84% increase in consolidated net income to P3.3 billion in the first nine months of 2026, supported by higher renewable energy generation and stronger contributions from its Philippine and international operations.
Attributable renewable energy generation rose 23% year-on-year to 5,950 gigawatt-hours (GWh), as new assets across its portfolio contributed to output. Core attributable earnings before interest, taxes, depreciation and amortization (EBITDA) also climbed 35% to P21 billion.
ACEN president and CEO Eric Francia said the company’s expanding portfolio was translating into higher generation as more projects entered operation.
“ACEN continues to grow as more projects come into operation, expanding our renewable energy portfolio and generation. As we build on this growth, our focus is increasingly on execution, operational excellence, and profitability,” Francia said.
The company’s attributable renewable energy capacity reached 7,484 megawatts, including 775 MW of battery storage projects under construction in the Philippines. About 59% of its portfolio is operational, while approximately 81% of electricity sold during the period was contracted.
However, ACEN posted a net loss of P609 million in the third quarter, following provisions and dismantling costs for a turbine at Pagudpud Wind and additional impairments linked to cabling faults at New England Solar 1 in Australia.
Despite the quarterly loss, third-quarter attributable generation increased 19% to 1,926 GWh, while core attributable EBITDA rose 23% to P6.3 billion.
ACEN chief financial officer and chief strategy officer Jonathan Back said depreciation and financing costs continued to weigh on recurring earnings as projects moved toward steady-state operations.
“Narrowing that gap through project completion, asset optimization, cost efficiency, and careful capital allocation is central to our financial priorities,” Back said.
ACEN ended September with P407.2 billion in total assets and P18 billion in cash.