• ACEN in 2021 01
  • Message from the Chairman and the President 02
  • Our Business Performance03
  • Geographic Presence04
  • Our ESG Approach05
    • Environment
    • Social
    • Governance
  • ACEN in 2021 01
  • Message from the Chairman and the President 02
  • Our Business Performance03
  • Geographic Presence04
  • Our ESG Approach05
    • Environment
    • Social
    • Governance
ACEN Integrated Report 2021 Cover Download our
2021 Integrated Report
Scroll to explore

Transforming our energy sources for a sustainable and inclusive future

Integrated Report 2021

At the forefront of
the energy transition

As ACEN leads the charge in accelerating the shift to a low-carbon economy, we look at enabling technologies such as energy storage, sustainable policies and clean energy funding as we work towards our Net Zero ambition.

In Alaminos, our pilot 40 MW energy storage project lies adjacent to our 120 MW solar farm–the Philippines’ first hybrid utility scale solar and energy storage project. Surrounded by Ayala Land’s Carbon Forest, with an integrated Community Eco Hub and a future Eco Learning Center, this project is a pioneering Sustainability Hub where we create awareness on various climate action programs such as renewable energy and nature-based solutions.

It is through shared commitment and collective action that we can truly make an impact on our goal for a sustainable and inclusive future.

ACEN’s 120 MW Alaminos Solar and 40 MW Energy Storage
is the country’s first hybrid utility scale solar and storage project

ACEN in 2021

With an 87% renewables share of capacity, among the highest in the region, we aspire to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5,000 MW of renewables capacity by 2025.

Net Income
₱5.3 B
22%
Revenue
₱26 B
27%
Market Capitalization
₱421 B
3.8x
Total Shareholders' Equity
₱118 B
13%
Total Renewables
Capacity
~3,300 MW
Output from
Renewables Sources
~2,700 GWh
23%
Total Attributable Capacity*
  • ~1,030 MW ~490 MW ~540 MW
  • ~3,800 MW ~3,300 MW ~500 MW
  • 2021
  • Q1 2022
  • Renewables
  • Thermal
Total Renewables
Capacity
~3,300 MW
Output from
Renewables Sources
~2,700 GWh
23%
Net Income
₱5.3 B
22%
Revenue
₱26 B
27%
Market Capitalization
₱421 B
3.8x
Total Shareholders' Equity
₱118 B
13%
Net Income
₱5.3 B
22%
Revenue
₱26 B
27%
Market Capitalization
₱421 B
3.8x
Total Shareholders' Equity
₱118 B
13%
Total Attributable Capacity*
  • ~1,030 MW ~490 MW ~540 MW
  • ~3,800 MW ~3,300 MW ~500 MW
  • 2021
  • Q1 2022
  • Renewables
  • Thermal

The integration of our international business created a formidable and unified platform

Leading the energy transition goes hand in hand with our commitment to Net Zero

Sustainability
Highlights

With our aspiration to become the leading renewable energy platform in the region comes the commitment to drive our sustainability agenda across the organization and with our business partners.

In 2021, ACEN, together with the Ayala group, announced its target to achieve Net Zero greenhouse gas emissions by 2050, taking significant steps in contributing to the urgent global shift to address climate change and transition to a Net Zero economy. Our first step is to bring our generation capacity to 100 percent renewables by 2025.

Through a strong Environmental, Social, and Governance (ESG) performance that is focused on its employees, communities, and partners, ACEN aims to provide long-term value towards a sustainable and inclusive future.


Our ESG Performance

100%
Renewables
by 2025

Read more about
our ESG approach

Total Renewables
Capacity

~3,300 MW

Renewables
Share

87%

Emissions
Avoided

2 MILLION mt co2e

Investments in
Renewable Energy

₱33 BILLION

Environment

Read more about our
environmental initiatives

Forest
Protected

1,275 ha

Trees
Planted

527,200

Water Recycled/
Returned

99 %

Upcycled
Plastics

37,400 Kilograms

Social

Read more on how
we invest in people

Investment
in Communities

₱89 MILLION

Taxes Paid to
Local Govt.

₱3 BILLION

Jobs
Created

over 7,500

Employee
Diversity

27% Female

Governance

Read more about how
we embed sustainability
in our business

Board
Diversity

45% Female

Independent
Directors

36%

Leadership
Positions

35 % Female

Reported Incidents
of Corruption

0

Through resilience and commitment, we take bold action to advance the renewables revolution

Message from the
Chairman and
the President

Message from the
Chairman and
the President

"ACEN delivered strong operational and financial results in 2021. We registered a net income of ₱5.3 billion, representing a 22% growth versus the previous year. This was driven by the 21% growth in energy output which totaled 4,600 GWh. The recently integrated international business registered a strong 51% income growth.

Sustainability, meanwhile, remains at the core of ACEN. The company is a significant component of the Ayala Group’s commitment to achieve Net Zero Greenhouse Gas Emissions by 2050 or earlier, which we announced last November. This commitment aligns ACEN and our sister companies across the Ayala Group with the global campaign for climate action. "

Read more about our landmark year
and how we are leading the energy transition

WATCH OUR Chairman's Message

WATCH OUR President's Message

Our 2021
Business Performance

In 2021, as the world recovered from the peak of the COVID-19 pandemic, the energy sector experienced resurging demand, heightened by interruptions to Philippine power supply. Aided by its strategy to aggressively roll out renewable energy investments in the Philippines and across the region, ACEN continued to be a direct beneficiary of the steady resurgence in consumer confidence both at home and in the Asia Pacific, especially as fossil fuels became more expensive towards the end of the year.

Solar Panels

Read more about how our aggressive renewables expansion impacted our performance

2021
Key Milestones

JAN
STOCK RIGHTS OFFERING

Completed stock rights offering which raised ₱5.4 billion (~US$111 million) in gross proceeds.

MAR
GIC INVESTMENT

Singapore sovereign wealth fund GIC Private Limited, through affiliate Arran Investment, completed its subscription to ACEN primary shares.

MAY
FOLLOW ON OFFERING

Completion of follow-on offering. The FOO raised ₱10.3 billion (~US$212 million) in gross proceeds from the primary share offering.

JUN
INTERNATIONAL INFUSION

Completion of infusion of all-renewable international portfolio into ACEN, transforming the company into a regional power platform.

AUG

Inclusion into the Philippine Stock Exchange Index.

Sept
maiden green bond

ACEN, through wholly owned subsidiary, ACEN Finance Limited, launched its maiden Green Bond offering, raising US$400 million in fixed-for-life perpetual green bonds listed on the Singapore Exchange’s SGX-ST platform.

OCT
ACEN NET ZERO

ACEN reached a peak market capitalization of ~₱490 billion (~US$10 billion).

ACEN declared its Net Zero by 2050 commitment, committing to a 100 percent renewable generation portfolio by 2025, and early retirement and just transition of the company’s sole coal plant by 2040, which is 15 years earlier than the end of its useful life.

NOV

ACEN debuted at the MSCI Philippines index, one of the MSCI Global Standard Indices.

ACEN REBRAND

On its 10th year and fresh from back to back landmark milestones, ACEN announced its rebranding.

DEC
PARTNERS IN RENEWABLES

GIC Private Limited affiliate Arran Investment completed its top-up acquisition of secondary ACEN shares from parent AC Energy, bringing the Singapore sovereign fund’s ownership to ~17.5 percent.

Geographic Presence

Philippine Assets

ACEN accelerated its investments in the Philippines, our core market, which accounts for 40 percent of our portfolio, our largest investment in the region. In 2021, we started commercial operations in three new plants and added close to 260 MW to our beneficial portfolio: the 63 MW Palauig Solar Farm in Zambales, the 120 MW Alaminos Solar Farm in Laguna, and the 150 MW Ingrid Quick Response Plant in Pililla, Rizal.

In 2021, we commenced the construction of three projects with an aggregate pro forma attributable capacity of close to 500 MW during the year: the 160 MW Pagudpud Wind project in Ilocos Norte, slated to be the largest wind farm in the Philippines, the 72 MW Arayat-Mexico Solar Farm in Pampanga, a joint venture with Citicore Power, Inc., and the 284 MW San Marcelino Solar in Zambales.

These additional energy capacities are a critical addition to the Luzon grid that help secure the country’s growing energy needs.

Net Attribute Capacity1

Renewable Energy Capacity
~1,000 MW

International Assets

The year 2021 saw the infusion of international assets into ACEN and our transformation from a Philippine focused energy provider into a regional renewable energy power player in the Asia Pacific, with international assets now comprising 60 percent of our portfolio. Today, ACEN has the largest international portfolio of among listed Philippine power companies, with close to 2,300 MW of renewables capacity spread throughout the region.

During the same year, we began the construction of our first project in Australia, the 521 MW first phase of the New England Solar Farm. In addition, our first investments in India began commercial operations during the year: the 140 MW Sitara and 70 MW Paryapt Solar farms. In Vietnam, our largest market outside of the Philippines, three new wind projects totaling ~380 MW of gross capacity successfully received feed-in tariffs: the 252 MW Quang Binh Wind project, the 88 MW Ninh Thuan Wind farm, and the 40 MW second phase of the Mui Ne wind farm.

In February 2022, ACEN through our subsidiary, ACEN Vietnam, announced that we would be acquiring 49 percent of SUPER Energy PCL’s Vietnam solar platform, which would add six operating solar plants with a total gross capacity of ~837 MW into our portfolio. This acquisition is subject to conditions precedent.

Net Attributable Capacity1
~2,300 MW
Renewable Energy Share
~100 %

  • Operating plan
  • Under construction

*Map shows installed capacities as of 31 March 2022 and presents DC capacities for solar projects

1. Pro Forma – Includes recently announced acquisition of UPC-AC Australia and UPC Philippines, approved by the Board on 18 Oct 2021, subject to regulatory and shareholder approvals
2. Subject to completion of the acquisition of a stake in Solar NT, a subsidiary of SUPER Energy
3. Includes Salak Binary Plant Expansion

Sustainability is at the core of our business, and is integrated into the way we do things

Our ESG Approach

ACEN’s aspiration to be a leading renewable energy provider is driven by its goal to create value that would benefit society, as well as our employees and shareholders. Sustainability is at the core of our business, and it is integrated into the way we do things.

In October 2021, we announced our commitment to achieve Net Zero greenhouse gas emissions by 2050. ACEN recognizes that we have a role to play in addressing the rising global temperatures, threatened biodiversity, and social inequality. We believe that strong Environmental, Social, and Governance (ESG) performance is an indicator of long-term financial growth and resilience for a company.

We collaborate with different partners and influence others to do the same, in order to help accelerate the energy transition, and shape the future together.

Watch our 2022 Corporate Video ACEN & the Energy Transition

We aim to deliver long-term value for all our stakeholders and continue to develop initiatives across our ESG strategy to have a clear roadmap, as well as metrics and targets, that track our ESG performance alongside our financial performance.

This journey is not just for ACEN but for all our stakeholders as well.

ENVIRONMENT
Net Zero by 2050

ACEN aspires to be a Net Zero company by 2050.

  • We have 3,300 MW of renewable energy capacity across the Asia Pacific.
  • We are committed to transition the company’s generation portfolio to 100 percent renewable energy by 2025.
  • Our Environmental and Social Policy is a pillar of how we develop and operate our plants.
Read more
SOCIAL
Investing in People

ACEN invests in its people and communities.

  • We create programs that support the development of the entire organization.
  • We partner with our host communities, local leaders and organizations to develop programs that would help address social needs.
  • We continue to partner with our customers, suppliers, employees, and communities in prioritizing health and safety, environmental protection, labor and ethical business practices.
Read more
GOVERNANCE
Integrating Sustainability

ACEN integrates sustainability into its culture, decisions and actions.

  • We are committed to transparency, accountability, and ethical business conduct, in full compliance with applicable laws and regulations.
  • We embed sustainability in the way we work and in our strategic planning, capital allocation, business development and operations.
  • Our board and governance structure provides effective oversight over strategic decisions, and appropriate monitoring of performance.
Read more

Transforming our energy sources for a sustainable and inclusive future

Download our full report