ACEN, the listed energy platform of the Ayala group and a leading player in renewable energy across the Asia-Pacific region, today reported a consolidated net income of PhP1.95 billion for the first quarter of 2025, representing a 28% decline from the same period last year. The decrease was largely driven by lower electricity generation in the Philippines, weaker market prices, and higher depreciation and interest charges from newly operational plants.
Despite the dip in net income, ACEN’s core renewable energy business showed resilience and continued growth. Attributable renewables output rose by 3% year-on-year to 1,680 GWh, underpinned by stronger performance from international operations and the energization of new assets across the region.
“Our international portfolio continues to be a key driver of growth,” said ACEN President and CEO Eric Francia. “With several projects achieving commercial operations in 2024 and an expanded stake in overseas platforms, our global assets are contributing significantly to our generation output and helping to offset temporary domestic challenges.”
Financial and Operational Highlights
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Core attributable EBITDA grew by 7% to PhP5.6 billion, driven by improved international generation and expanded capacity in Vietnam.
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ACEN’s total renewables portfolio stands at 7 GW, with 3.6 GW operational, 2.6 GW under construction, and 823 MW committed.
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International output rose 13% year-on-year to 1,191 GWh, led by strong performances in India and Australia.
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Philippine generation declined 14% to 489 GWh due to the impact of Typhoon Marce and weaker solar resources, partially offset by the energization of the 60 MW Pangasinan Solar project.
Philippines: Resilience Amid Weather Impacts
ACEN’s domestic performance was affected by the lingering effects of Typhoon Marce, which damaged several turbines in northern Luzon, as well as suboptimal solar irradiance during the period. However, the company’s retail electricity arm, ACEN Renewable Energy Solutions (RES), continued its upward trajectory with a 10% increase in contracted capacity, now serving 653 customers with 412 MW.
ACEN RES also maintained its leadership under the Green Energy Auction Program, supplying 50% of total energy delivered under the scheme.
International: Strong Gains in India and Progress in Australia
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India saw a 22% increase in output to 217 GWh, led by the ramp-up of Masaya Solar. Attributable revenues rose 24%, while EBITDA improved 15%.
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Australia posted an 8% increase in generation to 282 GWh despite challenges from lower irradiance and LGC prices. Stubbo Solar began delivering power to the grid, while construction commenced on the 150 MW New England Battery Energy Storage System (NE BESS).
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ACEN’s overseas expansion continues to progress with multiple large-scale projects receiving notices to proceed, including the 405 MW Tejorupa Solar and 102 MW Bijapur Wind projects in India.
“As we execute on our 2030 goal to reach 20 GW of renewables, our diversified international footprint enables us to weather regional volatility and continue scaling our clean energy platform,” Francia added.
