Power

Asset infusions boost AC Energy’s H1 profit to P1.96B

AC Energy Philippines (ACEPH) reported a major turnaround in its financial operations as it booked a P1.96 billion net income in the first semester on the back of recent acquisitions and the infusion of on-shore assets.

This marked a reversal of the P552 million loss ACEPH incurred in the same period a year ago.

The new acquisitions included 176 megawatts of attributable capacity as well as 145 MW of operating renewable energy plants.

Higher availability of thermal plants and significantly higher contracted capacity through the Meralco Competitive Selection Process also contributed to the strong results.

The company also commenced its 200 MW baseload and 110 MW mid-merit contracts with Meralco earlier this year. The increase in contracted capacity offset the reduced volumes and lower spot market prices experienced during the ECQ/MECQ period from mid-March.

“We’re very pleased with the company’s turnaround and the successful integration of AC Energy’s on-shore operations. This allows us to make additional near-term investments in the country, which is much needed during these difficult times,” said AC Energy president and CEO Eric Francia.

ACEPH aspires to become the largest listed renewables platform in Southeast Asia, with the goal of reaching 5000 MW of renewables capacity by 2025,” said Francia

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