ACEN borrows P5B for RE expansion
MANILA -Ayala-led ACEN Corp. has obtained a P5-billion loan from Metropolitan Bank & Trust Co. to further expand its renewable energy portfolio.
“The proceeds will be used for general corporate purposes, including but not limited to capital expenditures for renewable energy projects of the ACEN Group,” the company told reporters on Monday.
ACEN, the listed energy platform of the Ayala group, did not disclose any further details about the loan, but noted that it was part of its procurement of P32 billion in loans to fund renewable energy development plans.
It currently has businesses in the Philippines, Indonesia, Vietnam, India and Australia. A total of 2.7 gigawatts (GW) of capacity comes from its international businesses.
In May, ACEN also borrowed P8 billion from China Banking Corp. and Japan-based Mitsubishi UFJ Financial Group for its expansion goal.
Earlier this year, ACEN president and chief executive Eric Francia announced that the company would earmark up to P70 billion in capital expenditure to accelerate the development of new facilities.
READ: ACEN to spend P70B this year to support clean energy ambition
The energy firm is working to raise its current 4.4-GW clean energy portfolio—composed of solar, wind and energy storage facilities—to 20 GW by 2030, specifically through global expansion while maintaining its local market.
“We expect the Philippines to remain our single largest market,” Francia said, adding that they wanted to increase renewable energy capacity in the country to 8 GW by 2030 from the current 1.7 GW.
As ACEN is currently at the 20-percent mark of this target, Francia noted that they sought to hasten the development of new clean energy capacity to 2 GW annually.
Three months later, it sealed a P10-billion loan facility but it did not disclose the lender, saying only that it was also related to its target of getting P32 billion in additional credit facilities.
READ: ACEN set to start Laguna Lake floating solar project
Locally, ACEN is working on adding floating solar farms to its portfolio.
ACEN recently announced that it was set to lease an 800-hectare area on Laguna Lake to jump-start its foray into floating solar energy, aiming to add at least 1 GW to its portfolio in the next two to three years.
Its subsidiaries AC Subic Solar, AC Laguna Solar, SolarACE4 Energy, Ingrid Power and Gigawind 1 received notices of award from the Laguna Lake Development Authority in July for the project. INQ
