• Renewables output increased 25 percent year-on-year
• Attributable renewables capacity now at 7.0 GW, with 3.3 GW in operation, and including 1.4 GW of committed projects
• Core attributable EBITDA grew 25 percent to ₱19.3 billion

12 March 2025 – ACEN, the renewable energy arm of the Ayala group, reports today that it concluded 2024 with ₱9.36 billion in net income, growing 27 percent year over year. Attributable renewables output of 5,596 GWh was 25 percent higher than in 2023, buoyed by generation from plants energized throughout the year, which in turn contributed 37 percent of core attributable EBITDA. In the Philippines, this new capacity also supported the expansion of the company’s net seller position to 1,131 GWh, a 57 percent increase year-on-year .

Financial Highlights

FY 2024 vs FY 2023

ACEN’s full year financial performance was underpinned by fresh generation from new renewable energy plants operationalized within 2024, with core attributable earnings before interest, taxes, depreciation, and amortization (EBITDA) – which excludes non-recurring income from asset sales – growing 25 percent to ₱19.3 billion. Consolidated net income after tax attributable to the parent stood at ₱9.36 billion, a 27 percent increase year over year. This included ₱2.8 billion in gains from value realization throughout 2024.

Operating Highlights

Attributable renewables output grew 25 percent year on year to 5,596 GWh, despite Philippine wind generation in the fourth quarter of 2024 being tempered by offline wind turbines as a result of November’s Typhoon Marce. Across ACEN’s international portfolio, 3,770 GWh of renewable energy was generated, a 13 percent increase over 2023, likewise supported by output from newly operationalized plants in Australia, India, and Vietnam.

ACEN now carries attributable renewables capacity of 7.0 GW, comprised of 3.3 GW in operation, 2.3 GW under construction, and 1.4 GW of projects that have been approved by the company’s Board and expected to begin construction within the next 12-18 months .

Philippines

ACEN continued to expand its operating presence in the Philippines, with the completion of RE plants such as Cagayan North Solar, SanMar Solar Phases 1 & 2, Arayat-Mexico 2 Solar, and Capa Wind contributing to a 60 percent increase in output to 1,826 GWh . In Q4, construction commenced on the turbines for the Quezon North Wind project, which will become the largest wind farm in the Philippines upon completion in 2026.

ACEN Renewable Energy Solutions (RES), the group’s Philippine retail electricity arm, grew its book by 36 percent to 374 MW across 554 customers from various sectors including industrial, educational, residential, and others. ACEN also secured 160 MW of renewable energy mid-merit contracts in Meralco’s Competitive Selection Process (CSP) held in July.

International

In Australia, the first full year of generation from New England Solar underpinned a 50 percent year-on-year growth in output, with Stubbo Solar, set to commence operations in 2025, beginning to contribute some generation toward the end of the year. ACEN Australia’s pipeline was also strengthened with the Valley of the Winds project in New South Wales securing a 936 MW Capacity Investment Scheme Agreement (CISA) from the Australian government.

India also saw strong growth in attributable output and EBITDA of 93 percent and 109 percent respectively, due in large part to the first full year of generation from Masaya Solar. In 2024, India grew total attributable capacity nearly threefold to over 1.6 GW, including over a gigawatt in committed projects.

In Vietnam, the completed Lac Hoa and Hoa Dong Wind Projects and the first full year of attributable output from Super Solar contributed to an 8 percent increase in generation. ACEN further expanded its portfolio in the region with the acquisition of a 49 percent stake in partner BIM Group’s RE platform, raising the company’s stakes to 74.5 percent in the 405 MW Ninh Thuan Solar farm and 82.2 percent in the 88 MW Ninh Thuan Wind project. In neighboring Lao PDR, construction on the Monsoon Wind Project, which will export over a terawatt of energy across the border to Vietnam annually, is set to be completed in the second half of 2025.

In Indonesia, ACEN formalized its partnership with Barito Renewables to collaborate exclusively on 320 MW of late-stage wind projects, setting the stage for future growth in the country. In the United States, the Chestnut Flats wind farm in Pennsylvania, acquired in early 2024, contributed 77 GWh to ACEN’s international generation, while the repowering of the Stockyard Wind farm in northern Texas remains on track for completion in 2025.

Balance Sheet Highlights

ACEN ended 2024 with total assets of ₱329.5 billion, an increase of 16 percent from 2023. The company’s cash reserves stood at ₱25.2 billion. Attributable net debt grew to ₱161.8 billion as funds continued to be deployed into ongoing projects. resulting in a net debt to equity ratio of 0.69, up from 0.23 the year before.

Sustainability Highlights

ACEN recently achieved Leadership level and an A− rating (up from B) for its climate actions from the Carbon Disclosure Project (CDP), the global non-profit that assesses corporate environmental transparency and performance in climate change, deforestation and water security. To attain Leadership status, companies must demonstrate best practices in climate action, environmental governance, transparency, risk management and target setting.

ACEN also achieved its goal of planting one million trees in 2024 – a year ahead of target. A total of 1.017 million trees were planted across 2,815 hectares of forestland, including project sites, mangrove forests, and land set aside by partners for reforestation.

Eric Francia, ACEN President and CEO, said, “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.”

Jonathan Back, ACEN CFO and Chief Strategy Officer, said, “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. This focus on execution will remain central as we move forward.”