ACEN earmarks P12.87B to fund various units
MANILA -ACEN Corp., the listed energy platform of the Ayala group, is injecting a total of P12.87 billion into six of its subsidiaries to accelerate the development of various renewable energy facilities that have a combined potential capacity of around 1,000 megawatts (MW).
In separate stock exchange disclosures on Thursday, ACEN said it had subscribed to additional shares in Giga Ace 6 Inc. for P7.96 billion and in Giga Ace 8 Inc. for P2.4 billion.
The investments will be used to fund the development of a 335-MW onshore wind power project in an area linking Laguna and Quezon provinces and the proposed 300-MW Palauig 2 solar project in Zambales province.
At the same time, ACEN said it would shell out a total of P490 million for the “development activities relating to renewable energy projects” of Gigasol1 Inc. and SolarAce2 Energy Corp.
Another P1.31 billion will fund the construction of Santa Cruz Solar Energy Inc.’s 385-MW San Marcelino solar project in Zambales.
READ: ACEN starts construction of ‘largest’ solar farm in PH
Sinocalan Solar Power Corp., meanwhile, will get P708 million for its planned 60-MW solar plant in Pangasinan province.
ACEN currently has 4.5 gigawatts (GW) of attributable capacity from its assets across Asia and Australia.
Locally, ACEN has 1.7 GW in operation. It aims to increase this capacity to 8 GW by the end of the decade.
The company has been securing funding for its renewable energy projects in the past month, mostly through loans.
READ: ACEN eyes P20-B loan for renewable energy expansion plans
ACEN got an P11-billion sustainability-linked loan facility from the Asian Development Bank and Ayala-led Bank of the Philippine Islands in early December to fund the development of various solar projects.
Last Dec. 7, ACEN also secured a $100-million green term loan facility from Japan-based MUFG Bank Ltd. meant to support its expansion plans, particularly in Australia, its largest international market. INQ
