Philippine's AC Energy to form solar roof JV, blog posts 5% H1 revenue surge

• Philippine-based power business AC Energy Corp (PSE: ACEN) stated Thursday it will certainly form a joint venture (JV) with NEFIN Holding Ltd to develop, build and also run roof solar projects across Asia.

ACEN will enter into the 50/50 JV through its wholly-owned subsidiary AC Renewables International (ACRI).

The new business will certainly have 21 MW of operating assets as well as will get a USD-10-million (EUR 8.4 m) initial investment from ACRI to build near-term projects over the coming years. ACRI will certainly dedicate to providing additional funding for the JV's pipe.

NEFIN states it has provided over 300 MW of utility-scale, business as well as commercial roof solar systems regionally. According to its news, the JV's geographical range will cover Hong Kong, Malaysia, China and Taiwan, as well as potentially increase to other Australasian countries.

ACEN aims to come to be the largest noted renewables system in Southeast Asia and also has a target of 5,000 MW of renewables capability by 2025.

Reporting first-half results on Wednesday, ACEN claimed its attributable capacity grew to 2,589 MW, including 1,047 MW incomplete, from 1,659 MW in the initial half of 2020. After the infusion of global properties right into the noted entity, renewables currently make up 80% of the firm's capability. Its renewables portfolio increased to 2,070 MW from 1,041 MW.

ACEN's attributable result increased 16% year-over-year in the duration to 2,224 GWh, with 52% of it originating from renewables.

Consolidated profits grew 35% to PHP 13.4 billion (USD 266.2 m/EUR 224.6 m) on demand recovery from pre-pandemic levels, acquisitions and also startup of renewable resource projects. Earnings growth was countered in part by higher costs of purchased power throughout thermal power interruptions.

Net income was up 5% to PHP 2.7 billion.