ACEN Corp. saw a 28.3% drop in its first-quarter (Q1) attributable net income to P1.95 billion, mainly due to weaker power generation and lower spot market prices, the Ayala-led energy company said on Thursday.
“ACEN’s first-quarter results reflect some of the challenges of scaling renewables. 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,” ACEN President and Chief Executive Officer Eric T. Francia said in a regulatory filing.
ACEN’s gross revenue for the period decreased by 21.12% to P7.77 billion, down from P9.85 billion in the first quarter of 2024.
Revenues from the sale of electricity, which accounted for 97.2% of total revenues, fell by 22.7% to P7.55 billion from P9.77 billion in the same period in 2024.
The company attributed the decline in renewable energy generation in the Philippines to the impact of a typhoon in November 2024, which affected the operations of its 160-megawatt (MW) Pagudpud wind farm and 70-MW Capa wind power plant.
ACEN also reported a decrease in solar power generation during the period.
Despite the decline in Philippine renewable generation, ACEN achieved a total attributable renewable output of 1,680 gigawatt-hours (GWh) for the first quarter.
ACEN’s international portfolio, meanwhile, generated 1,191 GWh of renewable energy, marking a 13% increase year-on-year, driven by the full contributions from power plants that began operations in 2024.
As of the end of the first quarter, approximately 3.6 GW of ACEN’s 7 GW renewable portfolio was operational, with 2.6 GW of assets under construction globally and 823 MW in committed capacity.
“Our teams are working intensively to move past the headwinds we experienced in the first quarter. We will continue to expand ACEN’s operating capacity, bringing our sizable pipeline to bear, while taking a more measured approach amid today’s external uncertainties,” said ACEN Chief Finance Officer Jonathan P. Back.
ACEN, the listed energy platform of the Ayala group, holds a total of 7 GW in attributable renewable energy capacity across operational, under-construction, and committed projects. The company’s portfolio spans the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States. ACEN is targeting an expansion of its attributable renewable energy capacity to 20 GW by 2030.
In a separate development, ACEN signed a memorandum of agreement with Ayala Corp. and ST Telemedia Global Data Centres (Philippines) to explore opportunities in the growing data center sector in the Philippines.
STT GDC Philippines is a joint venture between Globe Telecom, Inc., Ayala Corp., and ST Telemedia Global Data Centres (STT GDC)
Under the partnership, ACEN will explore initiatives to provide renewable energy solutions to meet the rising demand for data centers in the country.
At the stock exchange on Thursday, shares of ACEN fell by 1.87% to P2.63 per share. — Ashley Erika O. Jose
