Bridging gaps,
empowering growth
Once a barren stretch of lahar-covered land in San Marcelino, Zambales— unusable for agriculture and isolated from basic infrastructure—
585 MW SanMar Solar now stands as a symbol of transformation. What was once an unutilized expanse has been reimagined into a landmark renewable energy development that contributes significantly to the Philippines’ clean energy targets.
Beyond generating solar power, the project built over 14 kilometers of transmission lines, a new substation, and 6 kilometers of roads and bridges— reducing travel time for indigenous communities from up to five hours to just one. With more than 3,600 jobs created across our sites, SanMar Solar reflects ACEN’s deep commitment to building a sustainable future where both clean energy and local communities can thrive.
52 MW NorthWind in Bangui, Ilocos Norte,
the first wind farm in Southeast Asia
BUsiness highlights
Investments in renewables (CapEx)
P48
billion
Financial
Core attributable EBITDA
P19.3
billion
25% increase YOY
Net income
P9.36
billion
27% increase YOY
Total asset value
P329.5
billion
Market Capitalization
~P157.4
billion
as of end-2024
Total shareholders’ equity
P157.4
billion
7
GW
Attributable renewables capacity
Renewables growth
19
Solar projects
14
Wind projects
ACEN also has strategic investments in geothermal energy and battery energy storage systems.
Attributable output from renewable sources
5,596
GWh
25% increase YOY
Completion of the Philippines’ largest wind and solar projects
545
MW
Retail electricity supply growth
374
MW
36% increase YOY in commercial and industrial customers
New strategic partnerships
Sustainability highlights
Environment
1 million trees planted
A year ahead of our 2025 target
As of end-2024, we have achieved our ambition, planting 1,017,103 trees across 43 sites in the countries where we operate.
Net Zero progress
2030 target for scope 1 emissions achieved
We surpassed our 2030 target of a 73.6 percent reduction in scope 1 emissions per MWh from our own energy generation activities, achieving an 81 percent decrease compared to our 2021 baseline.
Pioneering energy transition
In August, we signed a Memorandum of Understanding (MOU) with GenZero and Keppel Ltd. to jointly explore the origination and utilization of Transition Credits to accelerate the retirement of the SLTEC coal plant and replace it with a clean energy dispatch facility.
Resource efficiency
8,900 kg of plastics
diverted from landfill
Social
Employer award
Best Companies to Work for in Asia
We were recognized as one of the Best Companies to Work for in the Philippines, honoring our strong employee engagement and exceptional workplace culture.
Our employees
1,194
across the ACEN group
We continue to foster a workplace where employees are empowered to drive our growth and expansion.
45%
women
vs 40% in 2023
43,176
safety training hours
Upholding the highest health and safety standards, we doubled our safety training hours compared to 2023.
Our communities
~95%
hired from local communities
during construction
Community investments
~P222
million
Governance
4 Golden Arrows recognition
For the second consecutive year, we were awarded with 4 Golden Arrows by the Institute of Corporate Directors (ICD) at the 2024 ASEAN Corporate Governance Scorecard (ACGS) Golden Arrow Awards, signifying alignment with international corporate governance standards and practices.
ACEN Speak Up Safely
Demonstrating our unwavering commitment to conduct business with the highest ethical standards, we launched the ACEN Speak Up Safely, an independent and confidential whistleblowing platform managed by a third-party.
Diversity in leadership
38%
women
ESG RATINGS
Progress compared to baseline score
CDP: Climate Change score
Sustainalytics: ACEN Gamered a lower ESG risk rating from high risk to medium risk
Geographic PRESENCE
Attributable renewables capacity
7 GW
PHILIPPINES
Solar
1,407
Wind
941
Geothermal
8
Battery
40
AUSTRALIA
Solar
1,042
Battery
200
INDONESIA
Geothermal
105
INDIA
Solar
603
Wind
24
UNITED STATES
Wind
142
VIETNAM & LAO PDR
Solar
506
Wind
510
OTHER MARKETS
Solar
220
Numbers are in MW
*2,45 GW includes 68 MW Diesel
585 MW SanMar Solar in Zambales,
the largest solar farm in the Philippines
MESSAGE FROM THE CHAIRMAN
“2023 turned out to be another
strong year for ACEN. We saw
significant growth in financial
performance, added over 700 MW
of attributable renewables capacity.”
DELFIN LAZARO
Chairman
MESSAGE FROM THE PRESIDENT
“We continue to execute on our
renewables expansion across key
markets, with 4.7 GW of
renewables capacity in operation
and under construction. We have
signed agreements or won
competitive tenders worth over 1
GW. This effectively surpasses our
goal of reaching 5 GW of
renewables by 2025 almost two
years ahead of schedule.”
Eric Francia
President & CEO
MESSAGE FROM THE CHAIRMAN
“With a solid foundation, a growing portfolio and unwavering commitment, we are poised to thrive—not just by growing capacity, but by building a more equitable and sustainable energy future.”
CEZAR CONSING
Chairman
MESSAGE FROM THE PRESIDENT
“We will remain steadfast with our purpose and aspirations, notwithstanding the global headwinds and noise besetting sustainable initiatives.”
ERIC FRANCIA
President & CEO
Our approach
to ESG
The Brown-breasted Kingfisher is one of the 146 fauna species
that we protect in our Ilocos Norte Conservation Estate.
Leading the energy transition in the region
Our approach
We continue to expand our renewable energy portfolio while advancing our climate goals—ensuring access to clean, reliable, and affordable energy for all.
Our focus
We are on track to become a 100 percent renewable energy company by 2025.
As part of our just transition strategy, we are working toward the early retirement of the 246 MW SLTEC coal plant by 2040, which we successfully divested in 2022 through the Energy Transition Mechanism.
We also aim to achieve Net Zero greenhouse gas emissions by 2050.
Aspiring excellence in environmental management
Our approach
We are committed to protecting and conserving biodiversity, maintaining ecosystem services and responsibly managing natural resources throughout the lifecycle of our power plants.
Our focus
We work to safeguard natural habitats and biodiversity as part of our broader efforts to address climate change. In developing our projects, we continue to apply the mitigation hierarchy and aim for No Net Loss of biodiversity.
Investing in our people
Our approach
Our energy transition is a shared journey with our workforce—anchored on a Just Transition that leaves no one behind.
Our focus
We develop programs and provide benefits that support the growth and well-being of our team members.
We continue to prioritize the health and safety of our employees, customers, suppliers and the communities we serve.
Creating inclusive communities
Our approach
We develop renewable energy projects that generate meaningful impact and tangible benefits for the communities where we operate.
Our focus
We aim to create opportunities that uplift our host communities—through job creation, sustainable livelihoods and improved access to basic services and human needs.
Integrating sustainability into our business operations
Our approach
We continue to grow our renewables portfolio while delivering our climate ambitions that will provide access to clean, reliable and affordable energy.
Our focus
We proactively work to enhance our ESG reporting in order to deliver on our sustainability ambitions.
We continue to collaborate with all our stakeholders and place their interests at the core of our operations.
We align our processes in all the jurisdictions where we operate and ensure ESG management practices.
We strive for leadership diversity and inclusion to foster a culture of excellence.
We align our disclosures and policies with the difference ESG frameworks and data providers.
Chairman Cezar Consing (right)
and CEO Eric Francia (left)
Aside from building renewables, we also developed 14 kilometers
of transmission infrastructure in SanMar Solar to overcome
the connectivity roadblock for deploying clean energy to the grid.