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Thursday, February 22, 2024

ACEN secures P20-b bank loan to fund renewable energy projects

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ACEN Corp., the listed energy platform of the Ayala Group, signed a 10-year term loan facility worth P20 billion with a single bank for general corporate purposes, including investments in renewable energy.

The company did not disclose the name of the bank to the stock exchange.

ACEN also secured a P5-billion loan facility from Metropolitan Bank & Trust Co. for its RE projects on Oct. 13, 2023.

The company said the transaction is related to the disclosure it made on March 8 on the board’s approval to procure additional credit facilities of up to P32 billion to ensure the completion of its power generation projects.

ACEN said it was arranging loan facilities with various lenders with no specific timing for use.

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ACEN expects to reach its goal to have a capacity of 5,000 megawatts within the year, two years ahead of its 2025 target.

“ACEN has around 4.5 GW of RE capacity across our global portfolio and we expect to cross the 5 GW mark within the next few months, two years head of our 2025 goal,” ACEN president and chief executive Eric Francia said earlier.

Francia said ACEN is now “4x away” from reaching its vision of 20 GW of renewables by 2030.

“The Philippines will continue to be our core and single largest market, accounting for about 40 percent of our business. This means we expect to grow our Philippine renewable capacity from 1.7 GW today to more than 4x to 8 GW by 2030,” he said.

ACEN’s latest investment involves a 335-MW onshore wind power project in the provinces of Laguna and Quezon.

The project is being undertaken through ACEN’s wholly-owned subsidiary, Giga Ace 6 Inc., which was awarded as a successful bidder in the Department of Energy’s Green Energy Auction Program 2 in July this year.

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