RENEWABLE ENERGY developer ACEN Corp. is expected to allocate the bulk of its P80-billion capital expenditure (capex) this year to the development of its major renewable energy projects in the Philippines.
Speaking to reporters on Tuesday, ACEN President and Chief Executive Officer Eric T. Francia said the budget will finance solar, wind, and battery storage projects currently in the company’s pipeline.
“Over 60 billion [is allocation for] the Philippines alone,” Mr. Francia said.
If realized, the P80-billion capex would surpass last year’s actual spending of around P55 billion.
ACEN currently operates 4.3 gigawatts (GW) of renewable energy projects across its markets, including the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States.
Mr. Francia said the company expects to end the year with more than 5 GW of operational renewable energy capacity, as around 1 GW of projects is set to be energized this year.
“We’ll be more than 5 GW operational expected by end of this year. And then we should be close to 7 GW operational by next year,” he said, referring to projects under construction and backed by signed agreements.
The company also anticipates improved performance this year compared with 2025, supported by additional output from recently energized plants and those scheduled to come online.
“The wind farms that were impacted in late 2024 by the typhoon have been substantially restored already since the third quarter of last year,” Mr. Francia said.
“So the plants have been stable in terms of operations. That would definitely add to the volume output.”
For the nine months ending September, ACEN posted a 78% drop in attributable net income to P1.79 billion from P8.14 billion a year ago.
Revenues fell 18% to P23 billion from P28 billion in the previous year, reflecting softer electricity prices and lower power generation output.
On the local bourse on Tuesday, ACEN shares fell 3.92% to close at P2.94 apiece. — Sheldeen Joy Talavera