ACEN Net Income Reaches P6.6B for 9M23

ACEN reported that consolidated revenues for January to September 2023 increased by 13 percent year on year to P28.6 billion on the back of higher retail customer tariffs and the ramp-up of New England Solar in Australia and Pagudpud Wind in the Philippines. 

Core operating earnings, which represents ACEN’s attributable share of income from operating units, was up 2x year on year with new operating capacity across the global portfolio and the shift to a net selling merchant position in 2023. This offset higher overhead and development expenses for the period as ACEN continues to ramp up its renewables expansion in the Philippines and in Australia. 

 Attributable earnings before interest, taxes, depreciation, and amortization (EBITDA), which includes ACEN’s share of EBITDA from nonconsolidated operating projects, and other cash earnings, rose by 21 percent to P14.1 billion in the first nine months, as value realization gains from the sale of a stake in the Salak and Darajat geothermal plants in Indonesia offset the decline in guarantee fees and other pre-operating income items. 

Consolidated net income reached P6.6 billion for the first nine months of 2023, up by 59 percent year on year, boosted by gains from the Salak and Darajat sell-down. Consolidated assets grew by 19 percent to P276.0 billion with fresh capital raised from ACEN’s maiden preferred shares issuance, while long-term investments rose by 28 percent to P141.1 billion with continued investments in renewables expansion, having 2.8 GW under construction to date. With its September issuance of preferred shares, in addition to borrowings, the company’s cash reserves surged by 70 percent to P59.0 billion. 

ACEN President and CEO Eric Francia said, “The company continues its healthy growth trajectory, notwithstanding delays in the major renewable projects. We hope to begin commercial operations of around 700 MW of solar and wind projects in the Philippines before the summer of 2024.” ACEN currently has a diversified portfolio of 4.4 GW in renewables, with 38 percent or 1.7 GW in operation. Its operating capacity is expected to grow by 1 GW in the next few months as New England Solar, Pagudpud Wind, and Masaya Solar reach full capacity.