ACEN musters AU$750M to boost expansion in Australia

ACEN Corp., the listed energy arm of the Ayala Group, is going full steam ahead with its expansion overseas.

MANILA, Philippines – ACEN Corp. has further built up its expansion cache with 750 million Australian dollars meant to finance its renewable energy push in Australia.

The listed energy arm of the Ayala group said on Tuesday the new funds would support its operating clean energy assets and bankroll the development of new ones. These include the 520-megawatt Stubbo solar project in New South Wales.

A group of 11 Australian and international banks had backed the fresh round of financing, according to ACEN.

READ: ACEN profit up 27% on new renewable energy plants

These are ANZ Banking Group, Commonwealth Bank of Australia, CTBC Bank Co. Ltd, Singapore Branch, and CTBC Bank (Philippines) Corp.

Also included are Cathay United Bank; Deutsche Bank AG, Sydney Branch; DBS Bank Ltd, Australia Branch; Hongkong and Shanghai Banking Corp. Ltd, (HSBC) Sydney Branch; MUFG Bank, Ltd.; Sumitomo Mitsui Banking Corp., Sydney Branch; UOB; and Westpac Banking Corp.

Macquarie Capital and Morgan Stanley served as joint financial advisors to the transaction.

Allens, meanwhile, was the legal adviser for ACEN Australia and Herbert Smith Freehills legal adviser for the lenders.

David Pollington, managing director of ACEN Australia, said in a disclosure “their ability to attract top-tier financial partners … reflects growing investor appetite for high-quality, renewable infrastructure” in that country.

Phillip Mak, the unit’s chief financial and investments officer, also said this “diverse capital base” has put ACEN in a better position to “accelerate our delivery pipeline.”

In early 2023, the group also obtained a loan facility worth 277 million Australian dollars. INQ