ACEN shall continue to play a
leading role in the energy transition
by delivering large and scalable
renewable energy projects that
move the needle.

Integrated Report 2023

We have made great strategic progress in scaling up our renewables portfolio since we announced our goal of reaching 5 GW of renewables in 2019.
In addition to growing our renewables, we also continue to play a leading role in early coal retirement in the region and help other countries transition to cleaner technology in the fight against climate change.

Our 160 MW Pagudpud Wind, the 
largest wind farm in the Philippines

On the Northern tip of the Philippines where mountains meet the sea, the towering wind turbines of ACEN’s 160 MW Pagudpud Wind, the largest wind farm in the country, stand majestic to harness renewable energy to power more than 123,000 Filipino homes.

BUSINESS HIGHLIGHTS

We have made significant progress with the continued ramp-up of our projects, helping provide much needed supply to the Philippines and across the region as we effectively reach our 5 GW target ahead of schedule.

ERIC FRANCIA

President & CEO

Investments in renewables (Capex)

₱55 B

Sustainable financing

Green loans for Australia expansion

AU$352 M

Financing initiatives with ADB

US$107 M

Financing package for the 88 MW Ninh Thuan Wind in Vietnam

₱11 B

Sustainability-linked loan facility for the development of solar projects

Preferred equity

₱25 B

The first perpetual preferred share issuance on the Philippines Stock Exchange

Read more about our green financing initiatives 

Renewable Energy

5 GW

We have effectively achieved our goal of reaching 5 GW of renewables capacity by 2025, approximately two years ahead of plan.

Renewables Growth

We embarked on a bold strategy to turbocharge our growth and assemble 20 GW of renewables capacity by 2030

Total Asset value

₱284.9 B

Market capitalization

~₱174 B

Market capitalization

₱173.4 B

Read about our financial performance

Attributable output from renewable sources

4,500 GWh

32% increase

Net Income

₱7.4 B

Consolidated Revenues

₱36.5 B

Attributable EBITDA

₱18.8 B

31% increase

Retail electricity supply (RES) growth

218 MW

54% increase in commercial and industrial customers

New strategic partnerships

Read about our business performance

SUSTAINABILITY HIGHLIGHTS

We have accelerated our sustainability
progress, integrating ESG practices into every business decision.

ESG RATINGS
Progress compared to baseline score.

CDP: Climate Change score

Sustainalytics: ACEN garnered a lower ESG risk rating from high risk to medium risk

Environment

Pioneering early coal retirement

At the COP28 in Dubai, we announced our partnership with The Rockefeller Foundation’s Coal to Clean Credit Initiative and Monetary Authority of Singapore to pilot the use of Transition Credits for the early retirement of coal plants.

GHG emissions on scope 1

62% reduction

Conservation Estate in Ilocos Norte

~94 KT carbon stored

Since 2014, through our forest protection program, we have ~94 kilotons of carbon stored, equivalent to 345 kilotons of carbon dioxide avoided, covering ~625 hectares of our Conservation Estate in Ilocos Norte.

We partner with UP Los Baños in the development and implementation of the methodology. The assessment of the carbon stock additionality was verified by ISO 14064 – 2 (2019).

Trees planted

~978,000

Across 39 sites in our areas of operation

1M trees target by 2025

Read more about our environmental initiatives

Social

Just Energy Transition roadmap

At the COP28 in Dubai, ACEN launched its Just Energy Transition roadmap in partnership with global coal-to clean accelerator.

Human capital

956 employees

Employee engagement score

92%

Percentage of ACEN employees who responded favorably to the nine Sustainable Engagement items in a survey conducted by Willis Towers Watson

Top talent retention rate

96%

Social Progress Index

Implementation of framework to align our programs with the Social Progress Index to measure our progress

Jobs created

~20,450

Community investments

~₱636 M

Governance

Integrating sustainability into our operations, we have established supplementary policies in 2023 to strengthen governance on crucial ESG themes:

ESG Policy, Supplier Code of Conduct, Learning and Development Policy and
Human Rights Policy

Women in leadership positions

42%

We empower our women and allow them to thrive towards true inclusion, recognizing their amazing contributions in the renewable energy space.

Geographic Footprint

5 GW

Renewable Energy

4.7 GW of attributable renewables capacity
in operation and under construction
1 GW signed agreements or
won competitive tenders

ACEN Geographic Footprint






In Australia, we maximize resource efficiency and commit to responsible land use through solar energy generation while providing shelter to about 2,000 grazing merino sheep, with a population count expected to triple in 2024.

MESSAGE FROM THE CHAIRMAN

2023 turned out to be another strong year for ACEN. We saw significant growth in financial performance, added over 700 MW of attributable renewables capacity."

DELFIN LAZARO
Chairman

MESSAGE FROM THE PRESIDENT​

MESSAGE FROM THE PRESIDENT​

We continue to execute on our renewables expansion across key markets, with 4.7 GW of renewables capacity in operation and under construction. We have signed agreements or won competitive tenders worth over 1 GW. This effectively surpasses our goal of reaching 5 GW of renewables by 2025 almost two years ahead of schedule."

Eric Francia
President & CEO

As the global energy transition gained momentum, our core overseas markets continued to demonstrate opportunities for renewables expansion.

At the COP28 in Dubai, around 80,000 delegates and over 140 heads of state gathered as the event marked the conclusion of the first Global Stocktake that will measure progress since the Paris Agreement, with a collective response to keep the 1.5 °C target within reach, while building greater adaptation and resilience to increasing climate shocks.

Our strategic sustainability approach

Sustainability is integral in ACEN’s business strategy. It is at the core of who we are and what we do. As one of the fastest growing renewable energy platforms in the Asia Pacific, we thrive on creating the most value for both society and our business.

As we grow our renewables portfolio, we continue to deliver on our climate commitments. The successful implementation of our Energy Transition Mechanism puts us in a position to play a leading role in the energy transition in the region.

Leading the Energy
Transition in the region

Our approach

We continue to grow our renewables portfolio while delivering our climate ambitions that will provide access to clean, reliable and affordable energy.

Our focus

We aim to become a 100% renewable energy company by 2025, and develop, operate and own 20GW of renewables by 2030.

We target to deliver our commitment for the early retirement of the 270 MW coal plant by 2040 – which we successfully divested in 2022 through an Energy Transition Mechanism.

We aim to deliver our commitment to become a Net Zero GHG emissions company by 2050.

Aspiring excellence in environmental management

Our approach

We are committed to protecting and conserving biodiversity, maintaining ecosystem services an adequately managing living natural resources throughout the lifecycle of our power plants.

Our focus

We safeguard natural habitats and biodiversity to help address climate impacts.

We continue the implementation of no net loss and mitigation hierarchy in developing our projects.

Investing our people

Our approach

Our  energy transition is a journey with our workforce to ensure a Just Transition that leaves no one behind.

Our focus

We aim to enhance the health, safety and wellbeing of our workforce.

We work to develop a diverse workforce and inclusive workplace culture.

Creating inclusive communities

Our approach

We develop renewable projects to create greater impact and tangible benefits for the communities where we operate.

Our focus

We ensure that our presence will provide opportunities that will benefit our host communities by creating jobs, livelihood and access to human basic needs.

Integrating sustainability into our business operations

Our approach

We continue to grow our renewables portfolio while delivering our climate ambitions that will provide access to clean, reliable and affordable energy.

Our focus

We proactively work to enhance our ESG reporting in order to deliver on our sustainability ambitions.

We continue to collaborate with all our stakeholders and place their interests at the core of our operations.

We align our processes in all the jurisdictions where we operate and ensuring ESG management practices.

We strive for leadership diversity and inclusion to foster a culture of excellence. 

We align our disclosures and policies with the difference ESG frameworks and data providers.

In August 2023, Ayala Corporation executives Jaime Augusto Zobel de Ayala and Cezar Consing joined our president and CEO Eric Francia and group chief development officer Sech Zabaleta for a visit at our New England Solar in Australia, our largest market overseas.

Size and weight come into play during transport of ACEN’s gigantic wind turbines for our large-scale wind developments in Ilocos Norte. Once the 160 MW Pagudpud Wind and 70 MW Capa Wind are completed, we will have a total of 99 wind turbine generators (WTGs) in operation in the Ilocos region.