AC Energy Corporation (PSE: ACEN) posted its consolidated net income attributable to equity holders amounting to Php 3.75 billion for the year ended 31 December 2020. This is a significant improvement from the previous year’s restated net income of Php 57.65 million, which reflected the retroactive impact of the infusion of onshore assets from ACEN’s parent company. The strong performance was driven by higher contracted capacity, better plant availability, and increased generation capacity from recent acquisitions. Total attributable generation output reached 2,165 GWh, growing 58% vs. previous year.
ACEN currently has 735 MW of attributable operating capacity in the Philippines, with another 255 MW under construction that is expected to be completed within 2021. The company previously announced that its parent, AC Energy and Infrastructure Corporation, will be infusing its international power assets into ACEN through a property for share swap, subject to relevant Board and regulatory approvals. The AC Energy group currently has approximately 1,400 MW of attributable capacity offshore, spread across Vietnam, Indonesia, India and Australia. The company aims to build 5 GW of renewables capacity by 2025, and aspires to be the largest listed renewables platform in Southeast Asia.
“AC Energy’s transformation is well underway, as we build an agile and dynamic energy platform,” said Eric Francia, AC Energy President and CEO. “Fortunately, the resilience of the platform withstood the unprecedented health and economic crisis. AC Energy managed to significantly improve its performance in 2020, and is well positioned to accelerate its sustainable investments as it strives to play a meaningful role in a green-led recovery.”
ACEN recently completed a stock rights offering where a total of 2,267,580,434 common shares were offered at an Offer Price of Php2.37 per share, and fully allocated to eligible stockholders of record as of 13 January 2021. The net proceeds will be used by the company to partially fund the development of its various power projects, inorganic growth opportunities as and when they arise, and its other general corporate requirements.