Business Performance
The global shift towards renewable energy (RE) continued to build momentum in 2024. In the Philippines, our home market, the government continued to implement and enforce policies that encourage players to transition to renewables, especially with the impending depletion of the Malampaya gas field in 2027, which is expected to impact the current energy supply. To achieve the government’s target of 35 percent renewables by 2030 – and longer term, 50 percent by 2040 – approximately 17 GW of new RE plants are needed, in addition to those already under construction.
While full-year generator-weighted average spot prices at the Wholesale Electricity Spot Market (WESM) fell below 2023 levels, a tight power situation drove spot prices up to an average of nearly P8.00 in May. This surge coincided with peak summer consumption, leading to over 150 red and yellow alerts and totaling more than 530 hours. This underscored the urgent need for more capacity to meet projected demand, which is anticipated to increase by roughly 40 percent by 2030.
Construction for the 70 MW Capa Wind, our fourth wind project in Ilocos Norte, was completed in 2024.
Net income
P9.36 billion
Core attributable EBITDA
P24.5 billion
In our other markets, the renewables sector continued to grow. In Australia, over 4.3 GW of new RE capacity was approved for construction in 2024. India, now our second-largest market by attributable capacity, saw its total clean energy capacity reach 209 GW—up 16 percent year-on-year—underscoring the country’s tremendous growth potential. Meanwhile, the Vietnamese government released the much-awaited Power Development Plan (PDP) 8, which lays out the next phase of RE growth in the country and provides renewed clarity for generators who have been awaiting the next opportunity to serve that country’s exponential demand. It also approved the Direct Power Purchase Agreement (DPPA), which will allow the sale of renewable energy by generators directly to large-scale consumers.
Finally, we maintained our strategic presence in Indonesia, which holds significant growth potential for renewable energy and remains on the cusp of implementing stronger decarbonization policies.
2024 Financial performance
Statutory revenues increased 2 percent year-on-year to P37.3 billion, driven by the operationalization of several new plants in the Philippines, including SanMar Solar phases 1 and 2, Pagudpud Wind, Capa Wind and Cagayan North Solar. Our international portfolio also contributed significantly to the group’s top line, with the first full year of power generation from Super (Solar NT) in Vietnam, Masaya Solar in India and New England Solar in Australia. Attributable revenues, which includes ACEN’s share of revenues from international and other non-consolidated assets, grew 3.8 percent to P54.1 billion.
We also closely track attributable earnings before interest, taxes, depreciation and amortization (EBITDA), which includes our profits from both wholly-owned entities and the combined returns from our non-consolidated businesses, composed of both equity-treated preferred share dividends and equity income. Attributable EBITDA grew 30 percent in 2024 to P24.5 billion, driven by output from newly operating plants. This was further supported by strategic value realization proceeds amounting to P2.8 billion, which includes the sale of our stake in Sidrap Wind in Indonesia for a total gain of P489 million.
Core attributable EBITDA, which excludes
such value realization and interest income
from accounts and other receivables, grew
25 percent to P19.3 billion.
Growing our portfolio
We concluded 2024 with 7 GW in attributable renewables capacity. Plants operating and under construction comprised 5.8 GW, while projects with signed agreements which have received board approval but have not yet been issued notice-to-proceed (NTP) made up 1.2 GW.
Our renewables portfolio now includes 2.4 GW in the Philippines, 1.7 GW in India, 1.2 GW in Australia, 1.2 GW in Vietnam and Lao PDR, with the balance in the U.S.A., Indonesia and other markets.
Our next phase of growth will be allocated among the Philippines, our home market, and our other primary markets of Australia, India and Vietnam. At the same time, we will continue to plant the seeds for future expansion in select high-potential markets such as Indonesia and other Southeast Asian countries.
The 133 MW Cagayan North Solar is the first utility-scale solar farm in the Cagayan province, playing a key role in supporting the Philippines’ renewable energy targets.
Our retail electricity unit, ACEN RES, signed a landmark agreement with the Asian Development Bank (ADB) in 2024 to power its headquarters in Mandaluyong with 100 percent renewable energy.
Retail electricity supply growth
374 MW
ACEN Renewable Energy Solutions (RES) portfolio
554 retail customers
36% increase in commercial and industrial customers
Philippines
In 2024, we completed several Philippine plants, including Pagudpud Wind, SanMar Solar phases 1 and 2, Cagayan North Solar and Capa Wind. Meanwhile, Arayat-Mexico 2 Solar completed its first full year of operations. The Quezon North Wind project, spread across the municipalities of Real and Mauban in Quezon province, also began construction in the fourth quarter. With an estimated combined capacity of 553 MW in the first two phases, it is set to become the largest wind farm in the country upon completion.
We also continued to expand our solar portfolio, with work commencing on SanMar Solar phase 3 and construction of Palauig Solar phase 2 well underway. These projects, along with future solar and storage developments in the area, as well as the significant transmission investments we made in recent years, will form an integrated renewables energy hub which will be able to provide clean mid-merit power at scale.
In July, wholly-owned ACEN subsidiaries won two 10-year contracts, inclusive of renewable energy certificates (RECs), amounting to 160 MW in Meralco’s Competitive Selection Process (CSP). ACEN Renewable Energy Solutions (RES),
our retail electricity unit, grew its portfolio to 374 MW, a 36 percent increase over 2023.
As of end-2024, ACEN RES supplied 554 customers primarily across the industrial, school, office and residential segments and is now the leading player in the RE supplier market, with 50 percent market share of all contracts under the Philippine government’s Green Energy Option Program (GEOP).
Net addition to ACEN’s Philippine renewables capacity
Attributable MW, both operating and under construction
Australia
New England Solar saw its first full year of generation following its energization in 2023, delivering a 50 percent year-on-year growth in output. Development on the plant’s 200 MWac battery energy storage system (BESS) began in the second quarter of 2024. Once complete, the batteries will enable the firming of New England Solar’s power supply and mitigate the plant’s exposure to low-to-negative midday spot prices driven by rooftop solar capacity. Construction on 520 MWdc Stubbo Solar was 91 percent complete at the end of 2024, with nearly all of its solar panels already installed. The plant is currently undergoing grid commissioning ahead of its planned entry into operations in 2025.
We continued to strengthen our pipeline of projects in Australia – in December, we secured a Capacity Investment Scheme Agreement (CISA) for our ACEN Australia’s 936 MW Valley of the Winds project in New South Wales. The project was the largest to secure a CISA in what is so far the biggest tender held by the Australian government.
India
Following its completion in 2023, Masaya Solar had its first full year of operations in 2024, resulting in generation growth of 93 percent year on year. Construction on the Maharashtra Solar-Wind Hybrid plant is well underway, with targeted
completion in the second half of 2025. In the third quarter of 2024, the plant’s capacity was expanded to 153 MW from 132 MW, taking advantage of low solar PV prices to augment the number of installed panels. The plant’s expected annual output has likewise increased from 262 GWh to 290 GWh.
The 520 MWdc Stubbo Solar located in New South Wales, Australia is expected to be completed in Q3 2025.
“With generation beginning at Stubbo Solar and Valley of the Winds securing a CISA, we’re seeing meaningful progress across our Australia platform. While New England Solar contributed to year-on-year growth, it’s the strength of our growing pipeline that signals ACEN’s long-term potential in the market.”
JOSE MARIA ZABALETA
Group Chief Operating Officer
& Group Chief Development Officer
Our 600 MW Monsoon Wind project is the largest wind farm in Asia and the first cross-border wind project exporting electricity from Lao PDR to Vietnam.
Vietnam-Lao PDR
The 60 MW Lac Hoa and Hoa Dong Wind projects, built in partnership with UPC Renewables, secured provisional tariffs from the Vietnamese government and began operating in 2024, contributing nearly 100 GWh of attributable output. This new capacity allowed overall generation from the Mekong region to grow 7 percent year-on-year. Construction on the 600 MW Monsoon Wind project in Lao PDR, where we hold a 25 percent economic interest, is well underway and is targeted for completion in the second half of 2025. Once operational, the wind farm is expected to generate nearly 1,500 GWh of renewable energy annually for export into the national grid of Vietnam.
Rest of world
In December, notice-to-proceed was issued for Unit 7 of Salak Geothermal in Java, Indonesia. The plant, where we hold a 15 percent economic interest, is being developed by our partner, Star Energy. The project is expected to generate around 320 GWh annually when it is completed in 2027.
In August, ACEN and Barito Renewables formalized their strategic partnership to accelerate the development of wind projects across Indonesia. As an initial step, the two companies have committed to collaborating exclusively to bring 320 MW in wind energy projects to fruition.
In the United States, we continued to progress on the repowering of Stockyard Wind in the Texas Panhandle. UPC Power Solutions, our joint venture with PivotGen and UPC Solar & Wind, successfully completed the repowering of all 79 turbines across eight wind farms under the Stockyard Wind portfolio in March 2025.
We continued to explore other opportunities across Southeast Asia with both existing and new partners. Several projects are expected to begin construction within 2025, allowing us to further diversify our portfolio and participate in emerging, high-potential renewable energy markets.
“Strategic collaborations are driving ACEN’s expansion into high-growth international markets, strengthening our regional leadership in renewable energy.”
PATRICE CLAUSSE
Group Chief Investment Officer
“ACEN’s 27% growth in net income and 25% increase in RE output for 2024 reflect our strong progress in expanding RE capacity. With new operational plants and robust project pipeline, we are driving meaningful contributions to the global energy transition.”
JONATHAN BACK
Group Chief Finance Officer
& Group Chief Strategy Officer
Sustained funding to support growth
Our balance sheet is healthy, with P330 billion in assets, an increase of 16 percent compared to 2023. We closed the year with P25.2 billion in cash, a reduction of 37 percent year-on-year as we deployed funding to projects under construction and development. Net debt to equity ended at 0.69, well below our internal and external thresholds.
In February 2024, ACEN Australia secured a total of AU$150 million in green term loans from Australia and New Zealand Banking Group (ANZ) and Westpac Banking Corporation, with each bank providing AU$75 million. The green term loans represent our commitment to the Australian market, where 1 GW is already in operation and under construction, with an additional development pipeline of more than 8 GW in renewables.
In April, our subsidiary, ACEN Renewables International Pte. Ltd. (ACRI), signed a US$150 million green term loan facility with Sumitomo Mitsui Banking Corporation Singapore Branch (SMBC), for financing investments in renewable energy projects across the region. The green term loan has a tenure of five years with SMBC acting as both lender and green loan coordinator. This facility represents the first partnership between ACEN and SMBC.
Through our subsidiary, ACEN Renewables International (ACRI), we signed a US$150 million green term loan facility with SMBC to finance our renewable energy projects across the region.
In July, ACRI also secured a five-year syndicated green term loan and revolving credit facility amounting to US$150 million. A consortium of leading international financial institutions well-received the transaction, which further solidified the market’s trust and confidence in our robust renewable energy pipeline across the region. CTBC Bank (Philippines) Corp. and CTBC Bank Co. Ltd. acted as structuring bank and arranger, respectively, and formed a strategic alliance with five banks – Singapore branches of CTBC Bank Co., Ltd., Malayan Banking
Berhad, Chang Hwa Commercial Bank, Ltd., Land Bank of Taiwan and Mega International Commercial Bank Co., Ltd.
P330 billion
Consolidated assets
0.69
Net debt to equity ratio
$398 billion
Signed green term loans
In our 585 MW SanMar Solar, we built a gas-insulated type substation with intricate engineering requirements to accommodate large amounts of renewable generation.
Outlook
Our focus for 2025 remains operationalizing the renewable energy plants we have under construction and on advancing the development of the extensive pipeline of projects across our global portfolio. To support this, we have allocated over P70 billion for capital expenditures in 2025. In the Philippines, we expect the capacity which we have operationalized in the past year to contribute significantly to generation, further improving our net selling position and ability to capture market opportunities. We are also keeping a close eye on the upcoming green energy auction GEA-3 and GEA-4 rounds, which will provide further support for renewables in our home country and inform our medium-term strategy.
In Australia, the now-commissioning 520 MW Stubbo Solar project will virtually double our capacity and output. In India, we have nearly 2 GW of projects expected to begin construction in 2025 which will underpin our future growth in this
dynamic market.
While some uncertainty remains around the speed of the rollout of renewables due to political developments in some markets, ACEN’s diversified portfolio will allow us to continue to grow despite potential shifts in local landscapes.
In this more uncertain environment, we
will maintain a prudent approach to expansion, keeping our balance sheet robust while deploying capital to develop and operationalize our projects, and naturally favoring those projects offering the best risk-adjusted outcomes.
Globally, the renewables policy push remains favorable, and with our strong pipeline and growing portfolio, we believe we are well-positioned to drive sustainable growth and accelerate the energy transition.
2025 capital expenditure allocation
~P70 billion