ACEN Australia and MUFG Sydney Branch executed a facility agreement and an accession letter for a Au$140-million (US$94 million) green long-term loan facility.
ACEN Corp. said the facility is part of its target to raise over Au$600 million (US$402 million) to support the development of ACEN’s projects in Australia, which was announced earlier this year.
MUFG is the sole arranger and green loan coordinator for the Au$140-million green long-term loan facility, providing capital financing for ACEN’s eligible green assets in Australia.
ACEN said this is the second loan facility following the signing of an Au$100-million facility with DBS Bank to support the ACEN Australia development portfolio in Australia.
“MUFG has been steadfast in leveraging its unrivaled global network and its expertise in financing the renewable energy sector. ACEN’s aspiration towards becoming a leading renewable energy provider in Asia is aligned with MUFG’s sustainability mission, and we are privileged to partner with the company in its commitment towards building a sustainable future,” said Manoj Bhatia, MUFG Bank’s global head of subsidiary banking.
ACEN Australia is the platform representing ACEN’s renewable energy assets in Australia.
It includes several solar, wind, battery, pumped hydro and energy storage projects across New South Wales, Tasmania, Victoria and South Australia in development and construction.
The New England Solar farm, the first of these projects, is expected to be in operation by 2023.
ACEN, the listed energy platform of the Ayala Group, has about 4,000 megawatts of attributable capacity in the Philippines, Vietnam, Indonesia, India and Australia, with a renewable share of 87 percent, which is among the highest in the region.
The company aspires to be the largest listed renewables platform in Southeast Asia, aiming to reach 20 gigawatts in renewable capacity by 2030.