ACEN Reports Mixed Financial Results Amid Strategic Shift in Renewable Energy Projects

ACEN Corp., a prominent renewable energy company in the Philippines, reported a third-quarter attributable net loss of ₱609.25 million for 2026, a stark contrast to the ₱1.03 billion profit recorded in the same period last year. This downturn was attributed to substantial charges related to damaged wind and solar facilities, despite a notable increase in electricity sales, according to a financial report released on November 11.

In the July-to-September period, ACEN's revenues surged by 60.1% to ₱11.65 billion, up from ₱7.27 billion a year earlier. The company cited provisions and dismantling costs associated with a wind turbine at its Pagudpud Wind project in Ilocos Norte, as well as impairment charges linked to cabling issues at New England Solar 1 in Australia, as significant contributors to the quarterly loss. Total costs and expenses rose by 64% to ₱11.83 billion during the same period.

Despite the quarterly setback, ACEN's attributable electricity generation increased by 19% to 1,926 gigawatt-hours (GWh), supported by contributions from newly operational renewable energy projects. Core attributable earnings before interest, taxes, depreciation, and amortization (EBITDA) rose by 23% to ₱6.3 billion during the quarter.

For the first nine months of 2026, ACEN reported an 84% increase in consolidated net income, reaching ₱3.29 billion, compared to ₱1.79 billion in the same timeframe last year. This growth was primarily driven by stronger generation contributions across its markets and higher contracted energy volumes. The company’s core attributable EBITDA for this period climbed 35% to ₱21 billion.

ACEN’s renewable energy generation in the Philippines rose by 13% to 1,502 GWh during the first nine months, with the domestic business generating ₱37.1 billion in attributable revenues, marking a 51% year-on-year increase. The growth was attributed to improved availability across its Northern Luzon wind portfolio and larger contracted electricity sales, including contributions from its agreements with Manila Electric Co.

“Our focus is shifting from rapid expansion to focused execution, capital efficiency, and business resilience.”Eric T. Francia, President and CEO

In Australia, attributable electricity generation surged by 48% to 1,303 GWh, bolstered by reduced grid curtailment and favorable solar conditions. However, earnings were impacted by lower merchant electricity prices and technical issues at New England Solar 1. In India, generation increased by 22% to 672 GWh, supported by a newly commissioned hybrid project.

In a strategic shift, ACEN announced on November 11 that it had voluntarily relinquished 13 wind and solar contracts, totaling nearly 5 gigawatts (GW) of proposed capacity, as part of a broader review of its development pipeline. The company emphasized that these projects were still in early development stages and had not yet reached final investment decisions. ACEN President and CEO Eric T. Francia said the company’s focus is shifting from rapid expansion to focused execution, capital efficiency, and business resilience.

Despite relinquishing these contracts, ACEN remains committed to its renewable energy initiatives in the Philippines and abroad. The company’s attributable renewable energy portfolio now stands at approximately 7,484 megawatts (MW), including operational, under-construction, and committed projects across various countries.

As part of its organizational realignment, ACEN has appointed Roman Miguel G. de Jesus as chief executive officer of ACEN Philippines, effective January 1, 2027, Ma. Cecilia T. Cruzabra as group chief financial officer, and Theodore Ivan Paris as group treasurer, both effective the same date. The company has reorganized its operations into three business units covering the Philippines, international investments, and Australia, with separate executives responsible for operating performance and project delivery. Following the announcement, ACEN shares fell by 2.61% to close at ₱2.61 per share on the local bourse.