ACEN gains

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ACEN Corp. booked a 13- percent increase in revenues in the first nine months of the year at P28.65 billion from  P25.24 billion in the same period in 2022.

The company said  higher retail customer tariffs and the ramp-up of New England Solar in Australia and Pagudpud Wind in the Philippines contributed to the growth.

Net income attributable to equity holders of ACEN’s parent firm surged by 59 percent to P6.6 billion from the previous year’s P4.1 billion driven by gains from the sale of stakes in the Salak and Darajat geothermal plants in Indonesia.

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“The company continues its healthy growth trajectory, notwithstanding delays in the major renewable projects. We hope to begin commercial operations of around 700 megawatts (MW) of solar and wind projects in the Philippines before the summer of 2024,” said Eric Francia, ACEN resident and chief executive officer, in a statement.

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