Total renewable energy output surged 25 percent to 5,596 gigawatt-hours (GWh), driven by newly operational plants in the Philippines, Australia, India, and Vietnam.
This growth strengthened ACEN’s net seller position, with power sales rising 57 percent to 1,131 GWh, reducing its reliance on external electricity purchases.
Key earnings drivers:
• Core earnings before interest, taxes, depreciation, and amortization (EBITDA) climbed 25 percent to P19.3 billion, supported by fresh capacity.
• Newly energized plants contributed 37 percent of core EBITDA, highlighting their impact on profitability.
• P2.8 billion in value realization further lifted net income.
Management’s view
“ACEN continues to progress toward our goals, notwithstanding the global headwinds impacting the energy transition. The company remains committed to scale up renewables in the Philippines and around the region,” said ACEN president and CEO Eric Francia.
Stable investor returns
“ACEN's financial results in 2024 demonstrate our ability to convert a robust development pipeline into a renewable energy portfolio which can deliver strong and stable investor returns over the long-term,” said Jonathan Back, ACEN chief financial and chief strategy officer.
“This focus on execution will remain central as we move forward,” he added.
Big picture
ACEN’s renewable capacity now stands at 7.0 gigawatts (GW), with 3.3 GW operational, 2.3 GW under construction, and 1.4 GW in the pipeline.
In the Philippines, new solar and wind projects, including Cagayan North Solar, Arayat-Mexico 2 Solar, and Capa Wind, pushed local output up 60 percent to 1,826 GWh. Work on Quezon North Wind, set to be the country’s largest wind farm by 2026, also progressed.
Internationally, Australia’s renewable output rose 50 percent, while India’s capacity nearly tripled to 1.6 GW, with over 1 GW in committed projects. ACEN also expanded in Vietnam, Indonesia, and the U.S., strengthening its global presence in key renewable markets.
