The Ayala’s listed power generation firm said value-adding acquisitions and better operating margins drove the major improvement in the bottom line.
“We expect the growth momentum to continue with our aggressive and sustained expansion in the renewables space,” AC Energy President and CEO Eric Francia said in a statement.
The bilyonaryo Zobel de Ayala clan also raised an additional P13 billion funding for power projects under AC Energy Corporation.
The listed firm announced the completion of its follow-on offering which was met by strong demand, consisting of over 2 billion shares priced at P6.50 each. The proceeds will fund new projects that will source 5,000 megawatts of power from renewable energy sources by 2025.
AC Energy now has a market capitalization of P150 billion, with bulk of the shares offered to institutional investors and 20% to other eligible trading participants.