ACEN Corp. said Wednesday that its consolidated net income rose 34 percent to P2.70 billion for the first quarter of 2024 from P2 billion a year earlier, thanks to a 49-percent increase in attributable renewable energy (RE) output.
In a filing, it said that its statutory revenues — comprised of the consolidated Philippine and Australian businesses — also increased 8 percent year-on-year to P9.85 billion from P9.14 billion, driven by the contributions of newly operating solar and wind farms in both countries.
"The company's solid first-quarter result reflects the steady realization of our long-term strategy. We will continue to build on this momentum as we focus on excellence in execution," ACEN Corp. President and CEO Eric Francia said.
As of end-March this year, ACEN said it had achieved around 4.8 gigawatts (GW) in attributable renewables capacity. Including over 1 GW of signed agreements and won competitive tenders, the company said it has already effectively surpassed its goal of reaching 5 GW of RE capacity by 2025.
Of this capacity, 65 percent is now fully operational, the company added.
"Having passed the 5-GW goal almost two years ahead of schedule, we are in a strong position to realize our vision to reach 20 GW of renewables by 2030," Francia said.
Total attributable renewables output across ACEN's facilities worldwide has reached 1,580 gigawatt-hours (GWh), driven by production from the company's newly operational plants.
In the Philippines, ACEN said its RE plants generated 570 GWh in the first quarter, up 83 percent year-on-year, due to output from the commissioning of new solar and wind farms.
These include the 385-MW phases 1 and 2 of SanMar Solar in San Marcelino, Zambales; 160-MW Pagudpud Wind project in Ilocos Norte; 133-MW Cagayan North Solar in Lal-lo, Cagayan; and the second phase of the 116-MW Arayat-Mexico Solar in Pampanga.
International RE plants delivered 1,010 GWh in attributable output, higher by 35 percent from the same quarter last year.
The increase was attributed to new generation from its large-scale solar projects in Australia, India, and Vietnam.
"As we delivered around 1.6 GW in new operating capacity at the start of the year, our commitment to execution is beginning to realize benefits with solid core operating results," ACEN Corp. CFO and Chief Strategy Officer Jonathan Back said.
"Backed by a robust balance sheet and strong strategic partnerships, the company's performance in the first quarter augurs well for the rest of 2024 and the achievement of our long-term goals," he added.
ACEN's share price inched up by two centavos, or 0.48 percent, to settle at P4.18.