ACEN CORP., the listed energy platform of the Ayala group, plans to allocate more than P80 billion in capital expenditures (capex) next year to fund large-scale projects both in the Philippines and abroad, as the company continues its expansion in the renewable energy sector.
“Our best estimates at the moment is that next year will be north of P70 billion and could even be over P80 billion depending on the timing of projects,” Jonathan Back, ACEN’s group chief finance officer and chief strategy officer, said at the PSE STAR: Investor Day organized by the Philippine Stock Exchange on Thursday.
For the remainder of 2025, ACEN may spend over P50 billion, he added.
“As a company, we are largely focused on very large projects. But while these numbers sound very big and they are very big, most of the capex is funded through project finance,” Mr. Back said, noting that the company aims to cover asset funding primarily via project finance arrangements.
ACEN currently manages a renewable energy portfolio of 7.1 gigawatts (GW) across the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States, with projects totaling 2,215 megawatts under construction as of Nov. 7.
While the company maintains an aspirational goal of expanding its portfolio to 20 GW by 2030, Mr. Back emphasized a cautious approach to growth.
“Given the amount of renewable capacity that needs to be built in all of the various markets that we operate in, by global standards, it’s not as big a number as you might think,” he said.
“But nevertheless, given the amount of time that it does take to get especially these large projects built, and given the desire for us not to have to keep coming to the equity market for funding, we’ve moderated that target,” he added.
ACEN’s consolidated net income for the first nine months of 2025 fell 78% to P1.8 billion, largely due to non-recurring items, while revenues dropped 18% to P23 billion, affected by lower spot market prices and reduced output in the Philippines and Australia.
Despite the subdued performance, ACEN President and Chief Executive Officer Eric T. Francia expressed confidence in the company’s forward momentum.
“We remain focused on scaling our renewables portfolio and accelerating investments in energy storage in particular, with a long-term strategy anchored on disciplined expansion, strong partnerships, and delivering sustainable value,” he said. — Sheldeen Joy Talavera
