Greencore Power Solutions 3, Inc. (GPS3), the developer of the 115.671-megawatt Arayat-Mexico PV solar power plant in Pampanga, has secured a P2.587 billion loan with the Development Bank of the Philippines (DBP).
ACEN Corp. disclosed to the Philippine Stock Exchange Thursday that the company, as sponsor and share collateral grantor, together with its wholly owned subsidiary, ACEN Global Development Group, Inc., also as sponsor and share collateral guarantor, GPS3 as borrower, and CSEC as sponsor and share collateral grantor, executed an Omnibus Loan and Security Agreement with DBP as lender and the DBP Trust Banking Group as project accounts agent for the loan facility.
GPS3 is a joint venture company of ACEN and CSEC, a unit of Citicore Renewable Energy Corp., operating the Arayat-Mexico solar power plant.
This developed as ACEN subscribed to additional shares of GPS3 totaling P859 million to partially pay off the developer’s outstanding loans to construct the solar plant.
ACEN executed a subscription agreement with GPS3 for an additional 2,413,862 common A shares with a par value of P1 apiece for a total of P2.413 million, and an additional 41,974,772 RPS A shares with a par value of P20.41 per share for P856.705 million.
The company said it is subscribing to a portion of the planned increase in the authorized capital stock of GPS3. The completion of ACEN’s subscription will take effect upon approval by the Securities and Exchange Commission (SEC) of Greencore’s increase in authorized capital stock.
The Arayat-Mexico solar project, which has an estimated cost of P2.75 billion, was completed less than a year after its groundbreaking. It began full operations in August 2022 and has powered 19,450 homes.
