ACEN CORP., the listed energy platform of the Ayala group, plans to allocate greater than P80 billion in capital expenditures (capex) next yr to fund large-scale projects each within the Philippines and abroad, as the corporate continues its expansion within the renewable energy sector.
“Our greatest estimates in the meanwhile is that next yr shall be north of P70 billion and will even be over P80 billion depending on the timing of projects,” Jonathan Back, ACEN’s group chief finance officer and chief strategy officer, said on the PSE STAR: Investor Day organized by the Philippine Stock Exchange on Thursday.
For the rest of 2025, ACEN may spend over P50 billion, he added.
“As an organization, we’re largely focused on very large projects. But while these numbers sound very big and so they are very big, many of the capex is funded through project finance,” Mr. Back said, noting that the corporate goals to cover asset funding primarily via project finance arrangements.
ACEN currently manages a renewable energy portfolio of seven.1 gigawatts (GW) across the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the US, with projects totaling 2,215 megawatts under construction as of Nov. 7.
While the corporate maintains an aspirational goal of expanding its portfolio to twenty GW by 2030, Mr. Back emphasized a cautious approach to growth.
“Given the quantity of renewable capability that should be in-built all of the varied markets that we operate in, by global standards, it’s not as big a number as you would possibly think,” he said.
“But nevertheless, given the period of time that it does take to get especially these large projects built, and given the will for us to not need to keep coming to the equity marketplace for funding, we’ve moderated that concentrate on,” he added.
ACEN’s consolidated net income for the primary nine months of 2025 fell 78% to P1.8 billion, largely because of non-recurring items, while revenues dropped 18% to P23 billion, affected by lower spot market prices and reduced output within the Philippines and Australia.
Despite the subdued performance, ACEN President and Chief Executive Officer Eric T. Francia expressed confidence in the corporate’s forward momentum.
“We remain focused on scaling our renewables portfolio and accelerating investments in energy storage specifically, with a long-term strategy anchored on disciplined expansion, strong partnerships, and delivering sustainable value,” he said. — Sheldeen Joy Talavera