Despite the earnings decline, core attributable earnings before interest, taxes, depreciation, and amortization (ebitda) rose 7 percent to P5.6 billion, backed by improved generation from new overseas plants and ACEN’s increased stake in Vietnam’s BIM Energy platform.
Management’s view
“ACEN’s first quarter results reflect some of the challenges of scaling renewables,” said Eric Francia, ACEN president and CEO.
“The company is strengthening its balance sheet with the planned equity infusion to ensure that we remain strong amidst these challenges, and sustain our growth initiatives in line with the global energy transition,” he added.
Other key details
• Total renewables output hit 1,680 GWh, up 3 percent year-on-year, with 51 percent of ACEN’s 7 GW capacity now operational.
• Philippine output dropped 14 percent to 489 GWh due to typhoon damage and weak solar conditions.
• The 60 MW Pangasinan Solar project was fully energized, helping soften the domestic decline.
• ACEN RES grew its customer base 10 percent to 412 MW across 653 clients, keeping a 50 percent share in the Green Energy Auction Program.
Mixed overseas results
Overseas, Vietnam led growth with a 29 percent surge in output, pushing revenues to P2.2 billion and ebitda to P1.9 billion, while India saw output grow 22 percent to 217 GWh, driven by the ramp-up of the Masaya Solar facility.
Australia lagged, with ebitda down 31 percent to P625 million, as low solar irradiance and falling prices for Large-scale Generation Certificates (LGCs) dragged results.
