ACEN Corp. said it signed loan agreements for an omnibus credit line of up to P15 billion with Metropolitan Bank & Trust Co. on Dec. 19 to fund its renewable energy expansion.
The Ayala Group’s energy platform informed the Philippine Stock Exchange that its board approved the facility last week for the financing and refinancing of new or existing eligible renewable energy projects.
The company maintains about 7 gigawatts of attributable renewable energy capacity across its operational, under-construction and committed projects.
The credit boost comes as the company saw a decline in its financial performance in the first nine months of the year. Consolidated net income attributable to equity holders fell 78 percent to P1.79 billion from P8.14 billion in the same period last year. Total net income for the period reached P2.2 billion, down from P8.97 billion in 2024.
Management attributed the profit slump to non-cash impairment provisions for the Lac Hoa and Hoa Dong wind projects in Vietnam and various operational challenges. Earnings were further pressured by lower spot market prices in the Philippines and Australia, weaker solar irradiance and technical outages at wind turbines in Northern Luzon.
