LANDBANK supports ACEN’s RE project with P20-B loan
The Land Bank of the Philippines (LANDBANK) approved a P20-billion loan to ACEN CORPORATION (ACEN)—the listed energy platform of the Ayala Group—in support of the National Government’s thrust to expand the country’s mix of renewable energy.
The LANDBANK loan will partially finance ACEN’s general corporate requirements and investments in renewable energy projects, which are aligned with the government’s target under the National Renewable Energy Program to increase the share of renewable energy in the country’s power generation mix from the current 22% to 35% by 2030.
LANDBANK President and CEO Lynette V. Ortiz and ACEN President and CEO Eric Francia formalized the loan agreement on 29 November 2023 at the Ayala Triangle Gardens, Makati City. They were joined by ACEN Corporation Chief Finance and Compliance Officer Maria Corazon Dizon, Treasurer Cecile Cruzabra and Head of Corporate Finance Juan Martin Syquia, alongside LANDBANK Senior Vice Presidents Ma. Celeste A. Burgos and Lucila E. Tesorero.
“LANDBANK is proud to collaborate with ACEN, as we continue to build strategic partnerships to address the impact of global warming and climate change in the country. More than just a loan agreement, we see this partnership as an important step that supports the greening of our energy sector,” said LANDBANK President Ortiz.
ACEN has ~4,500 MW of attributable capacity from its owned facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable share of 98%, which is among the highest in the region.
This year, ACEN allocated up to P50 billion to continue growing its renewable energy portfolio.
LANDBANK’s loan to ACEN underscores the Bank’s thrust of promoting sustainable finance and environmental protection, while funding key economic development sectors to help address the consequences of climate change.