AYALA-LED AC Energy Philippines, Inc. (ACEPH) recorded P1.96 billion in net income in the first semester from over a quarter loss previously, driven by the additional assets injected into the company.
To recall, the company has entered into a deal with AC Energy, Inc., which acquired shares equal to P2.97 each from the listed firm for its energy projects with 176 megawatts (MW) of capacity. These add to the 145-MW renewable energy projects that ACEPH bought early in the year.
With more projects, the company said it can launch more local investments soon.
“This allows us to make additional near-term investments in the country, which is much needed during these difficult times,” AC Energy President and Chief Executive Officer Eric T. Francia was quoted as saying in a disclosure to the stock exchange, Wednesday.
Also contributing to its first-half profit are its thermal plants with higher availability and the greater contracted capacity sold through Manila Electric Co.’s (Meralco) generation bidding.
South Luzon Thermal Energy Corp. posted 95% availability between January and June, while ACEPH’s peaking diesel plants provided 93% of available generated power.
The company also started delivering power from its 200-MW baseload and 110-MW mid-merit facilities to Meralco in the period.
It claimed the contracted capacity has offset the lessened volumes and reduced spot market prices during the lockdown months since mid-March.
ACEPH is in the process of changing its corporate name to AC Energy Corp., signifying the integration of AC Energy’s domestic and foreign businesses.
Earlier, it said the combined platform is valued at approximately P97 billion with a perceived attributable capacity of around 1,500 MW in operating and under-construction power plant projects, 60% of which are renewables.
It has yet to receive approval for the name change, while the Philippine Stock Exchange has already signed off its stock symbol change to ACEN, effective Aug. 14.
The power company aims to become Southeast Asia’s biggest renewables platform and reach 5,000 MW of capacity over the next five years.
Shares in ACEPH fell by 4% to close at P2.64 each on Wednesday. — Adam J. Ang