ERIC FRANCIA
ACEN CORPORATION | 2025 ANNUAL STOCKHOLDERS’ MEETING
April 23, 2025
Dear fellow shareholders,
ACEN continued its strong growth momentum in 2024. Net income grew 27 percent to ₱9.36 billion, while renewables output increased by 25 percent to 5,596 GWh driven by new operational capacities in the Philippines and Australia.
Pagudpud Wind in Ilocos Norte, now the largest operating wind farm in the country at 160 MW, has reached substantial completion. Meanwhile, SanMar Solar located in Zambales, also currently the largest operating solar project in the country with 385 MW of capacity, commenced operations in early 2024. SanMar Solar is being expanded further with additional 200MW capacity currently under construction.
The company is also expanding its solar and wind portfolio in the Philippines. We are scaling up our Palauig Solar project with an additional 300 MW capacity. We have also commenced construction of the 335 MW Quezon North Wind Phase 1. These projects lay the groundwork for sustained growth in the years ahead.
Beyond the Philippines, we continue to accelerate our international expansion. In Australia, we achieved full operations for the 521 MW New England Solar Phase 1. We also commenced the construction of a 200 MW Battery Energy Storage System in New England to complement the solar farm. Meanwhile, the construction of the 520 MW Stubbo Solar is nearing completion, and is expected to reach full operations by 2025. Sustaining the growth momentum in Australia, the company successfully secured two important contracts — the Valley of the Winds project, one of the largest wind projects in New South Wales (NSW), and the Phoenix Pumped Hydro project, which was awarded a Long-Term Energy Service Agreement (LTESA) under the NSW Electricity Infrastructure Roadmap. These wins provide long-term revenue certainty and help address market needs for reliable and affordable renewable energy.
The company also had success winning well over 1 GW worth of customer off-take contracts in India. As such, our global portfolio now stands at 7 GW of attributable capacity (operating, under construction and board-approved), driven by a growing renewable energy pipeline. More importantly, we are building a stronger, more capable organization—focused on execution, reinforcing our balance sheet and driving sustainable growth.
Our pioneering efforts on coal to clean initiatives have attracted global interest, opening the door for new partnerships. In August 2024, the Philippine and Singapore governments signed a Memorandum of Understanding (MOU) on Article 6 cooperation under the Paris Agreement, which sets the stage for international cooperation for carbon mitigation. In the same month, ACEN signed an MOU with Temasek affiliates, GenZero and Keppel Infrastructure, for a potential collaboration on the world’s first Transition Credits pilot project involving ACEN and the accelerated just transition of the SLTEC coal plant.
ACEN’s balance sheet remains strong, with cash reserves of over P25 billion and a reasonable net debt to equity ratio of 0.69. With this said, the company shall continue to strengthen its balance sheet, including the augmentation of equity capital, to enable our continued expansion while maintaining a healthy financial position.
In summary, ACEN remains committed to lead the energy transition in the Philippines and around the region. We will remain steadfast with our purpose and aspirations, not withstanding the global headwinds and noise besetting sustainable initiatives. At the core of this sustained transformation is the organization’s focus on execution while delivering impact for all our key stakeholders.
