As it transitions to a fully renewable energy (RE) portfolio, ACEN saw a 22% increase in net profit to Php 5.3 billion in 2021 from Php 4.3 billion in 2020 .
Ayala’s electric arm is attributed to the increase in production output caused by the entry of 700 megawatts (MW) in new operating capacity.
“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. ACEN’s strong financial and operational results in 2021 reflect our ability to capitalize on it,” ACEN President and CEO Eric Francia said in a statement.
The company saw a 21% increase in attributable generation to 4,633 gigawatt hours (GWh) in 2021 from 3,818 GWh the year before due to new operational projects, including the 150-meter Ingrid Quick Response diesel plant. MW in Pililla, Rizal.
“Our focus on aggressively expanding the company’s renewable energy portfolio will enable us to address energy challenges in our home country and regional markets in an environmentally sound and socially responsible manner,” Francia said. .
This year, ACEN is looking to invest Php55.5 billion to scale up its renewable energy assets, starting with its 521 MW solar farm in New England, Australia and the 420 MW Masaya solar farm in India. The New England solar farm began as a joint venture between ACEN and UPC Renewables until Ayala bought the latter’s 51.6% stake last year.
“Throughout the year, the company navigated the equity and debt markets to raise nearly US$1 billion in fresh capital in 2021 to fund our renewable energy expansion. A significant portion of this came from ACEN Finance Limited’s recent US$400 million fixed-duration perpetual green bond offering. We remain a leading player in sustainable finance, which supports us as one of the fastest growing renewable energy companies in Southeast Asia,” said Cora Dizon, Chief Financial Officer and treasurer of ACEN.
At the local level, ACEN is currently building 484 MW of wind and solar projects. In October 2021, it received notice to proceed with the construction of its 283.7 MW solar park, which will be built on a lahar covered land in San Marcelino, Zambales.
ACEN currently has 3,800 MW of attributable capacity in the Philippines and the Asia-Pacific region, of which 87% or 3,300 MW is renewable energy projects. The company aims to build an all-RE portfolio of 5,000 MW by 2025.