Power and Performance: Q1 Earnings of Energy Firms Operating in Amianan

The Amianan region of the Philippines—covering Ilocos Norte, Ilocos Sur, La Union, Pangasinan, Cagayan, Isabela, Nueva Vizcaya, and the Cordillera provinces—is a critical hub for renewable energy.

Ilocos Norte leads the nation in wind energy, hosting major projects like the Burgos Wind Farm and the pioneering Bangui Wind Farm, earning it the title “Renewable Energy Capital of Southeast Asia.”

The Cordillera region is a key player in the Philippines’ hydropower landscape, home to major facilities like the Ambuklao and Binga dams in Benguet.

Meanwhile, Pangasinan is a strategic location for both conventional and renewable power, hosting the massive coal-fired Sual Power Station, its share in the San Roque Dam, and emerging solar initiatives.

Other provinces are also seeing steady growth in energy developments. Collectively, these developments across Amianan highlight the region’s growing importance in the country’s journey toward energy stability.

How energy companies with developments in Amianan fared

Energy companies operating in the Amianan area have released their earnings for the first quarter of 2025, offering key insights into how regional developments, regulatory shifts, and market conditions shape the sector.

These reports are crucial for investors, policymakers, and communities alike, as they reflect financial health and broader trends in energy production, infrastructure investment, and energy stability.

Citicore Renewable Energy Corporation (CREC)

A subsidiary of Citicore Power, Inc., CREC operates 10 solar facilities totaling 285 megawatts direct current (MWdc). It also develops hydro and offshore wind projects and pioneers AgroSolar technology, which combines solar power with farming. CREC sponsors the country’s first renewable energy REIT (real estate investment trust), the Citicore Energy REIT Corp. (CREIT).

Developments in Amianan: CREC is advancing the Sta. Barbara 1 Solar Power Project, a 90-MW facility in Pangasinan. The company has proposed a ₱176.19-million interconnection facility to connect this solar farm to the Luzon grid via a 69-kilovolt transmission line to the Balingueo Substation. CREC also broke ground on a 240-MW solar project in Binalonan, Pangasinan in March 2024. Once completed, it is expected to generate approximately 326 gigawatt-hours (GWh) annually, enough to power around 136,000 households.

Q1 2025 net income: CREC reported a 15.4% increase in net income to ₱137.89 million, driven by a 46.7% rise in electricity sales to ₱1.21 billion and overall revenues of ₱1.41 billion. Meanwhile, CREIT posted a net income of ₱358 million, supported by stable revenues of ₱472 million. CREIT manages 14 solar-leased assets with a total o7.1 million square meters of leasable space, with lease income growing 2% from the previous year.

Performance drivers: According to CREC President and CEO Oliver Tan, the company’s strong growth in electricity sales reflects rising demand for its end-to-end renewable energy solutions. CREC currently operates 285 MW of solar capacity nationwide and expects to bring its first gigawatt of projects online this year—marking a key step toward its goal of reaching 5 GW within five years.

(Also read: Citicore Pursues Green Light to Connect 90 MW Solar Farm in Pangasinan to Grid)

ACEN Renewables

ACEN, the listed energy platform of the Ayala Group, is one of the region’s fastest-growing renewable players, with a portfolio of about 7 GW across operational, in-progress, and committed projects. Its largest market is the Philippines, followed by key presences in India, Australia, Laos, and Vietnam, along with strategic investments in Indonesia and other countries.

Developments in Amianan: In Ilocos Norte, ACEN operates several wind farms including the pioneering 52-MW NorthWind project in Bangui, the 81-MW North Luzon Renewables in Pagudpud, and the upcoming 160-MW Pagudpud Wind farm, expected to be the country’s largest. The company is also developing the 70-MW Capa Wind project. In Pangasinan, a nearly ₱2-billion 60-MW solar farm in San Manuel is underway, set to power 55,000 homes.

Q1 2025 net income: ACEN posted a net income of ₱1.95 billion, a 28% drop from last year as electricity sales declined. Total gross revenue fell by 21.12% to ₱7.77 billion, with electricity sales down by nearly 22.7%. Despite this, renewable energy output rose by 3%, driven by new plants and higher overseas stakes.

Performance drivers: ACEN’s performance was weighed down by lower power generation and market prices in the Philippines, along with higher costs tied to new plant operations. However, its core earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 7% to ₱5.6 billion, supported by better output from its overseas facilities, especially in Vietnam.

(Also read: ACEN Grants P30M Funding Boost to Pagudpud Wind Project)

Basic Energy

Formerly known as Basic Petroleum Corporation, Basic Energy Corporation (BEC) is focused on renewable energy, alternative fuels, and oil and gas exploration. BEC has positioned itself as a key player in the nation’s energy landscape through its subsidiaries RDG Wind Energy, Basic Energy Renewables, and several wind energy firms.

Development in Amianan: The company is actively pursuing wind energy developments in Northern Luzon, including a proposed nearshore wind project in Pasuquin, Ilocos Norte, with a potential capacity of up to 100 MW. This initiative is part of BEC’s broader strategy to develop 500 MW of wind and 500 MW of solar energy projects by 2030.

Q1 2025 net income: Basic Energy reported a net loss of ₱115.45 million in the first quarter of 2025, a sharp reversal from its ₱11.58 million profit a year earlier. Despite earning ₱234.43 million in gross profit, rising expenses and higher borrowing costs dragged down its performance. Operating costs climbed to ₱326.85 million, while finance charges increased to ₱228.76 million.

Performance drivers: Despite earning ₱12.75 billion in revenue for the quarter, Basic Energy still posted a loss due to rising operating and finance costs. However, the company remains confident about its financial health, saying there are no major risks or issues expected to affect its cash flow or ability to operate.

AboitizPower

AboitizPower ranks among the Philippines’ leading providers of sustainable energy, with a broad mix of hydro, geothermal, solar, and thermal power plants. Beyond generating electricity, it also operates two of the country’s largest power distributors, delivering dependable and affordable energy that supports communities and drives progress nationwide.

Developments in Amianan: Key projects include the 159 megawatt-peak (MWp) Laoag Solar Plant in Pangasinan managed by Aboitiz Renewables Inc. (ARI) as well as hydroelectric plants in Benguet (Ambuklao Hydro, Binga Hydro), Ifugao (Magat Hydro), and Isabela (Maris Hydro) developed by SN Aboitiz Power Group (SNAP) in partnership with Scatec. Hedcor, a wholly owned subsidiary, has over 20 hydropower plants, with about half of them in Amianan (Mountain Province, Ilocos Sur, Benguet).

Q1 2025 net income: AboitizPower saw its net income drop by 41%, falling to ₱4.62 billion from ₱7.86 billion a year earlier. Revenues slipped slightly by 2% to ₱44.2 billion, while expenses dropped 1% to ₱37.3 billion. The company’s power generation and retail sales fell a bit, with 8,650 GWh sold—down from 8,812 GWh—leading to a 10% earnings drop in that segment. Its distribution business also earned 4% less, partly due to a one-time regulatory, posting ₱2 billion in profits.

Performance drivers: The income decline was due to lower electricity prices, planned maintenance shutdowns, and higher borrowing costs. Reduced power output from several plants, increased expenses from recent acquisitions, and new costs from GNPower Dinginin also contributed. However, extra profits from Chromite Gas helped soften the impact.

Bottom Line

Despite mixed earnings results in Q1 2025, the growing interest of major energy firms in Amianan signals a promising future for the region. With its rich renewable resources and strategic role in the nation’s energy mix, Amianan is fast becoming a focal point for investment and innovation.

The country’s increasing focus on energy sustainability and security ensures that investment will continue to flow—supporting not only regional growth but also the long-term stability of the Philippine economy and the well-being of its people.

Sources:

https://crec.com.ph

https://www.bworldonline.com/corporate/2025/04/11/665355/citicore-seeks-grid-integration-of-pangasinan-solar-farm

https://asian-power.com/news/citicore-energy-reits-earnings-reach-php-358m-in-q1

https://www.bworldonline.com/corporate/2025/05/16/672822/citicore-renewable-energys-q1-net-income-rises-15-4-to-p137-89m

https://www.acenrenewables.com/about-us/

https://www.acenrenewables.com/project/north-wind-power/

https://www.acenrenewables.com/project/north-luzon-renewables/

https://www.acenrenewables.com/project/pagudpud/

https://manilastandard.net/?p=314464897

https://business.inquirer.net/405524/acen-to-build-p2-b-pangasinan-solar-plant

https://www.acenrenewables.com/2025/05/acen-posts-q1-2025-net-income-of-%E2%82%B11-95-billion