Photo caption: In Alaminos, Laguna, AC Energy’s 120 MW solar plant and 40 MW energy storage is surrounded by Ayala Land, Inc.’s Carbon Forest, a woodland reserve that acts as a carbon trap and home to biodiversity.

Performance Highlights

Outlook and Strategy

While global energy demand continues to rise, myriad factors challenge thermal energy supply, which the world still depends on. These include virus uncertainty, supply chain disruptions, coal, oil, and gas restrictions, and the Russia-Ukraine conflict. As a result, governments worldwide have seen alternative sources of power, especially renewable, as critical to energy security. As a leading renewable player, ACEN stands to benefit from these trends with its aggressive renewable portfolio expansion toward its vision of becoming the largest listed renewable platform in Southeast Asia.

The Philippine government, through green policies such as the Green Energy Option Program, and Renewable Portfolio Standards, provides fertile ground for the development of renewables in the country. The implementation of GEOP, which allows end-users with an average peak demand of as low as 100 KW to directly source power from GEOP suppliers, will expand the customer base for renewable energy. In addition, RPS, which aims to achieve a 35% renewable share of generation output by 2030, ensures that a bigger portion of the country’s ever-growing demand will be fulfilled by renewables. ACEN is therefore in a unique position to contribute to the nation’s large renewable requirement as a result of RPS.

With favorable demand and renewable growth opportunities across ACEN’s international markets, the company’s offshore energy outlook remains optimistic. Vietnam, Australia, and India have all stated netzero targets, with the first two by 2050 and the third by 2070, thereby necessitating renewable development.

Energy Transition

Growing the renewables portfolio to support a low carbon economy by providing clean, affordable, and sustainable energy

Expand in high growth regional markets

Renewable energy expansion in key markets to become the largest listed renewables platform in Southeast Asia

Leverage strategic partnerships to complement internal development capabilities

Working with an established network of partners, strong industry partners, and banking relationships to accelerate growth



Over ₱171 billion in total assets, with market capitalization of ₱421.7 billion


Harnesses solar, wind, and thermal energy for power generation


ACEN’s portfolio of power generating plants has a proforma attributable capacity of ~3,800 MW of which 87% is renewable. Parent AC Energy has ~530 MW of legacy coal assets

Social and Relationship

More than ₱230 million spent on community investments since 2019, reaching more than 100,000 lives


Over 700 employees, with ₱30 million spent on training and development


ACEN continually develops new projects in its pipeline, with ₱145 million spent on development of renewables, and ₱63 million on automation initiatives and IT infrastructure

How We Create Value

Energy Transition

ACEN supports the global energy transition by providing clean and sustainable power to the markets where it operates. We aim to have a 100% renewable generation portfolio by 2025, and become the largest listed renewables platform in Southeast Asia.

Power Generation

ACEN serves the power requirements of 310 MW wholesale and 313 MW retail customers in the Philippines, and provides energy solutions that allow customers to offset their carbon footprint while maintaining affordability and reliability. Our international plants also power the requirements of distribution utilities in Vietnam, Indonesia and India.

Development Platforms

We have established a strong network of partners that complement our in-house project development team. These development platforms allow us to explore various technologies, pursue new renewable energy projects, and expand our pipeline in scalable markets across the region.

ACEN operates a 120MW solar plant in Alaminos, Laguna, one of the largest solar plants in the Philippines.

The Value We Create


2021 Achievements

2021 Financial Performance

2022 Priorities

Energy Transition

Infusion of all-renewable international assets of parent AC Energy into ACEN

ACEN net-zero commitment by 2050

Capital raising activities to fund investments in renewables:

ACEN stock rights offering and follow-on offering

Investment of Singapore sovereign wealth fund, GIC Private Limited, through its affiliate, Arran Investment Pte. Ltd.

Maiden green bond offering of ACEN, through its subsidiary ACEN Finance Limited, raising US$400 million

Divestment of thermal assets:

Signed agreements for the divestment of power barges and AC Energy’s indirect ownership in the 4x135MW coal-fired power project in Kauswagan, Lanao del Norte

Complete the 2 x 20MWh Alaminos battery energy storage system

Pursue an Energy Transition Mechanism for the 244 MW SLTEC coal plant, to enable the early retirement of the plant

Complete thermal asset infusion into ACE Enexor

Expand in high growth regional markets

International developments:

Started construction of 521 MW of solar capacity in Australia

Commenced operations for 170 MW of solar capacity in India

Received FIT and started operations of 380 MW of wind plants in Vietnam

Philippine renewable projects ramp up:

Started operations for 120 MW Alaminos and 63 MW Palauig solar farms, and the 75 MW Ingrid power plant in Rizal

Started construction on the 160 MW Pagudpud wind farm and the 284 MW San Marcelino solar farm

22% increase in its consolidated net income, reaching P5.3 billion

Revenues increased by 27%, reaching ₱26.1 billion

Attributable output hit 4,633 gigawatt-hours, up 21% resulting from ~700 MW in new operating capacity

23% rise in generation from renewable sources

Inclusion in the PSEi and MSCi

Acquire UPC Australia and UPC Philippines

Construct a new 420 MW Masaya solar plant in India

Continue to search for new markets and new partners

Sign an agreement with Super Energy Corporation Public Company Limited, through its subsidiary, Super Energy Group (Hong Kong) Co., Limited, to form a strategic partnership to develop, own and operate renewable energy projects across ASEAN

Leverage strategic partnerships to complement internal development capabilities

Approved a joint venture with NEFIN Holding Limited to develop, construct, and operate rooftop solar projects across Asia

Approved a joint venture with ib Vogt Singapore Pte Ltd for the development of solar projects in the Philippines with an initial target of 300MWdc of generating capacity

Expanded the UPC Renewables partnership with the start of a new 521MW solar farm in Australia

Started construction of the 72MW Arayat solar farm, a JV with Citicore

Enter into a joint venture with CleanTech Renewable Energy 4 Corp. to develop, own, and operate a 133 MW solar farm and transmission line project located in Lal-lo, Cagayan

Acquire 49% interest in the Vietnam solar platform of Super Energy Corporation

Located in South Central Vietnam, the Ninh Thuan wind farm is the second wind project in Vietnam utilizing GE Renewable Energy’s Cypress turbines.

Renewable Energy Portfolio

Against the backdrop of its 5,000 MW target by 2025, ACEN achieved a pro forma attributable capacity of ~3,800 MW in both the Philippines and across the region as of end of March 20221 through several key greenfield projects and strategic acquisitions. Close to 90 percent of the company’s portfolio is in renewables, among the highest in ASEAN.

In the Philippines, ACEN currently has ~1,500 MW of pro forma attributable capacity as of March 2022. Over two-thirds of this or ~1,000 MW is in renewables, mostly in solar and wind technologies, as well as some battery storage and geothermal assets. Close to 70 percent of the portfolio is already operational, with only ~30 percent under construction. In addition, ACEN is currently building ~484 MW of new wind and solar capacity, alongside a significant ~6,500 MW pipeline.

Vietnam is ACEN’s largest market outside the Philippines accounting for 46 percent of ACEN’s international portfolio as of March 2022. In November 2021, ACEN successfully secured the FIT for ~380 MW of wind power projects in Vietnam, augmenting ~270 MW of existing operating attributable solar capacity in the country. Recently, the company also announced the acquisition of a 49 percent stake in Solar NT, a subsidiary of SUPER Energy, with 837 MW of operating solar plants in Vietnam. The acquisition is subject to satisfaction of agreed conditions precedent.

Australia is ACEN’s second largest offshore market. In 2021, the Ayala energy platform broke ground on its first project on the continent: the 521 MW first phase of the 720 MW New England Solar Farm in Uralla, New South Wales, through joint venture company UPC\AC Renewables Australia. The announced acquisition of UPC-AU will give ACEN access to ~8,100 MW in pipeline projects and will allow ACEN to independently develop power projects outside the Philippines for the first time.

India accounts for over ~500 MW of ACEN’s pro forma attributable portfolio as of March 2022. In 2021, the company commenced operations of two new plants in the country: the 140-MW Sitara Solar farm in Rajasthan, its first project in India, and the 70-MW Paryapt Solar in Gujarat. A third project, the 420-MW Masaya Solar Farm in Madhya Pradesh, ACEN’s largest in the country, began construction in 2022.

Indonesia is ACEN’s first market outside the Philippines, beginning with the acquisition of a stake in Salak and Darajat Geothermal in 2017 and the development of Sidrap Wind in 2018. Today, the company’s attributable capacity in the archipelago is at ~200 MW.

1This includes 154 MW from the recently announced acquisitions of UPC-AC Australia and UPC Philippines, approved by the Board on 18 Oct 2021, as well as a 50% stake in SUPER Energy PCL’s Vietnam platform in 2022, subject to regulatory and shareholder approvals.

Capital Raising

In 2021, ACEN raised close to US$1 billion in fresh capital to fund its renewable energy expansion. ACEN was able to raise P28 billion from a stock rights offering in January, a private placement by Arran Investment, an affiliate of Singapore’s GIC Private Limited, announced that same month, and a follow-on offering in May. Both ACEN’s SRO and FOO were oversubscribed, reflecting strong investor confidence in the company. Finally, in September, ACEN, through wholly owned subsidiary ACEN Finance Limited, raised its maiden perpetual Green Bond worth US$400 million, at a low 4 percent coupon rate, fixed-for-life.

ACEN’s second renewable energy project in Vietnam in partnership with AMI Renewables are the two solar plants located in the provinces of Khanh Hoa and Dak Lak.

Sustainability at ACEN

ACEN’s commitment to ESG principles drives the company’s operations. It has an E&S Policy, which aligns the business with the UN Framework on Climate Change and the Paris Agreement, as well as the UN Sustainable Development Goals.

In October 2021, ACEN committed to reach net-zero greenhouse gas emissions by 2050 or earlier. The company is also working to transition ACEN’s generation portfolio to 100 percent renewables by 2025 across both Philippine and International platforms. To achieve this, ACEN intends to spin-off or divest all thermal capacity by 2025. In addition, the company is working towards the early retirement and just transition of its sole coal facility by 2040, fifteen years earlier than the end of its technical life.

To achieve excellence in environmental management, ACEN continues to operate the Conservation Estate in Ilocos Norte, a 700 hectare forest protection program established in 2014. As of last year, ACEN has planted over 520,000 trees in the area, with the goal of planting one million by 2025. In addition, through an agro-forestry program designed by experts from U.P. Los Baños, and with various training workshops to build their skills, local residents learn sustainable farming techniques.

The Sustainability Hub in Alaminos, Laguna is another key environmental management project by ACEN. It contains the 120 MW Alaminos Solar farm, which also includes a 40 MW battery energy storage system, our first foray into battery storage solutions. The power facility is surrounded by the Ayala Land Carbon Forest, a tree nursery, a future eco-learning camp, and a plastic waste recycling facility that turns garbage into eco-bricks. The solar farm is the first solar storage hybrid in the Philippines, avoiding close to 150,000 tons of carbon dioxide.

The Mui Ne Wind Project site has a total expansion potential of up to 170 MW in one of the best wind resource areas in continental Vietnam.