ACEN eyes P20-B loan for renewable energy expansion plans

MANILA -Ayala-led ACEN Corp. will secure a fresh P20-billion loan to finance its renewable energy expansion plans across its domestic and international markets.

ACEN, the listed energy platform of the Ayala group, did not disclose any other details about the loan, but told reporters that the full amount would come from only one bank.

According to the company, the 10-year term loan will also be used for “general corporate purposes.”

ACEN is aggressively conducting fundraising activities in the past months as it races to meet its goal of increasing its renewable energy capacity from the current 4.4 gigawatts (GW) to 20 GW by the end of the decade.

READ: ACEN to spend P70B this year to support clean energy ambition

A total of 1.7 GW is found locally through ACEN’s solar and wind assets. It aims to increase this capacity to 8 GW by 2030.

Aside from the Philippines, it also has businesses in Australia, India, Indonesia and Vietnam.

Earlier this year, ACEN tapped an P8-billion loan from China Banking Corp. and Japan-based Mitsubishi UFJ Financial Group.

READ: ACEN taps P10-B loan to fund 2030 goal

In October, ACEN also secured a P5-billion loan from Metropolitan Bank and Trust Co., saying that it was part of its plan to tap P32 billion in loans to fund renewable energy development projects.

ACEN president and chief executive Eric Francia previously announced that they would earmark P70 billion in capital expenditures this year to further accelerate the development of new facilities.