ACEN raises P11B from sustainability-linked credit facility
MANILA, Philippines -The Ayala group’s listed energy platform ACEN Corp. has obtained another loan this month, this time an P11-billion sustainability-linked credit facility with the Asian Development Bank (ADB) and Bank of the Philippine Islands (BPI), to fund the development of its renewable energy projects.
In a stock exchange disclosure on Thursday, ACEN said the loan would finance solar projects across its portfolio.
READ: ACEN to spend P70B this year to support clean energy ambition
“This financing is not just a loan; it is a clear testament of our unwavering commitment to our sustainability ambitions as we set the stage for accelerated growth in the renewables sector,” ACEN president and chief executive Eric Francia said.
The company currently has about 4.5 gigawatts (GW) of attributable capacity from its assets in the Philippines, Australia, Vietnam, Indonesia and India. ACEN aims to increase this to 20 GW by the end of the decade, as the company seeks to become the largest listed renewables platform in Southeast Asia.
READ: ACEN, partner to develop large-scale renewable energy projects in Indonesia
Locally, its solar projects include the 18-megawatt (MW) MonteSol in Negros Oriental province, the 80-MW IslaSol and 45-MW SaCaSol in Negros Occidental province, the 63-MW Palauig in Zambales province and the 120-MW Alaminos in Laguna province.
Offshore expansion
ACEN is also set to develop the 521-MW New England and 520-MW Stubbo solar projects in Australia, its largest international market.
READ: ACEN taking over Australian solar projects
The company’s loan agreement with ADB and BPI is the third such deal announced in recent weeks.
On Dec. 7, ACEN said it had obtained a $100-million green term loan facility from Japan-based MUFG Bank Ltd. that would support its expansion plans, particularly in Australia.
The following week, its renewable energy unit, ACEN Renewables International Pte. Ltd., signed a loan agreement with HSBC Ltd. for P2.74 billion (75 million Australian dollars) that would also be used for renewable energy projects in Australia.
READ: ACEN secures P2.7-B loan from HSBC for projects in Australia
Francia previously announced that they would earmark P70 billion in capital expenditures this year to further accelerate the development of new facilities.
