ACEN renewables unit gets $100-M green loan
MANILA -The renewable energy subsidiary of Ayala-led ACEN Corp. has secured a $100-million green term loan facility from a Japanese bank to fund the growth and development of the company’s clean energy projects outside the country.
In a stock exchange disclosure on Thursday, ACEN said its Singapore-based unit, ACEN Renewables International Pte. Ltd. (ACRI), secured the green loan from MUFG Bank Ltd.
The listed energy platform of the Ayala group noted that the loan would also help in its strategic expansion into “several international markets,” including Australia, its largest market outside the Philippines.
Pivotal funding
“This funding will play a pivotal role in accelerating our projects beyond the Philippines, bringing us closer to our goal of a greener, more sustainable future,” said Cecile Cruzabra, ACEN treasurer.
MUFG is the sole arranger and green loan coordinator for the five-year term loan, according to ACEN.
The deal with MUFG also forms part of ACRI’s term fundraising efforts, which have approvals in place for up to $422 million, with the funds expected to be utilized in the next two years.
ACEN currently has 4.4 gigawatts (GW) of renewable energy capacity from its assets in the Philippines, Australia, Vietnam, Indonesia and India.
It aims to grow this to 20 GW by the end of the decade through local and international expansion.
ACEN also announced earlier this week its partnership with The Rockefeller Foundation and the Monetary Authority of Singapore to launch a “coal-to-clean” project.
It aims to incentivize generation companies that will retire their coal power plants early to replace these with renewable energy facilities. —Meg J. Adonis
