Resurgence in demand fuels Acen’s earnings growth to P5.3B

AC Energy Corp. (Acen) recorded a 22% increase in its net profit in 2021, reaching 5.3 billion pesos this year, compared to 4.3 billion pesos in 2020.

The Ayala Group’s power generation arm said the figures were in line with the 27% jump in revenue to 26.1 billion pesos and the 21% growth in electricity production attributable to 4,633 gigawatt hours. .

Acen attributed this performance to the continued recovery of electricity demand in Luzon and its growing production.

“As the Philippines and the Asia-Pacific region recover from the peak of the pandemic, the energy sector continues to experience strong demand for electricity…Our focus on aggressively expanding the renewable energy portfolio of the company will enable us to address energy challenges in our home country and regional markets in an environmentally sound and socially responsible manner,” said Acen President and CEO Eric T. Francia .

To date, Acen has 3,800 megawatts of attributable capacity in the Philippines and across the region, of which 3,300 MW or 87% is renewable.

Last year, Acen announced that it had secured feed-in tariffs for 320 MW of wind projects in Vietnam, increasing the 270 MW of attributable solar capacity in existing operation in the country.

It also started commercial operations for the 150 MW Ingrid Quick Response power plant in Pilia, Rizal, while it issued a notice for the establishment of the 283.7 MW San Marcelino solar farm in Zambales.

For this year, Acen is expected to begin construction of the 420 MW Masaya solar farm in India, its largest project in the country to date. He also announced the acquisition of a 49% stake in Solar NT, a subsidiary of Thailand’s SUPER Energy Corporation PCL with 837 MW of solar power plants in operation in Vietnam.

It is also currently building 484 MW of new wind and solar capacity in the Philippines.

A capital outlay of 55 billion pesos is expected to boost Acen’s growth targets for this year.

Overall, the resurgence in demand enabled Acen to record growth across all technologies and geographies with a 24% increase in international production and a 20% increase in production from the Philippine assets.

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