Power generation firm ACEN has allotted P55 billion in capital expenditure for the year, a 68 percent jump from last year’s P33.1 billion to fund more local power projects to address the country’s power supply challenges.
The company will also pursue the construction of the 521 MW New England solar farm in Australia and 420 MW Masaya solar farm in India.
ACEN booked a 22-percent jump in its net income attributable to parent firm at P5.3 billion last year compared P4.3 billion in 2020 attributed to additional capacity in its portfolio.
Revenues increased 27 percent to P26.1 billion from P20.5 billion i as ACEN added over 700 megawatts (MW) of new capacity last year with attributable output increasing by 21 percent to 4,633 gigawatt-hours (GWh) from 3,818 GWh.
ACEN said for local expansion, over 484 MW of new wind and solar capacity is being constructed, alongside a significant pipeline. For international projects, the company continues to explore additional opportunities in Vietnam, India and Australia.– Jed Macapagal
