ACEN Corp., the listed energy platform of the Ayala Group, said Monday it secured a P5 billion loan facility from Metropolitan Bank & Trust Co. for its renewable energy projects.
ACEN said in a disclosure to the Philippine Stock Exchange it secured the loan on Oct. 13, 2023 with the proceeds to be used for general corporate purposes, including but not limited to capital expenditures for renewable energy projects.
The company said the transaction was related to the disclosure it made on March 8 on the board’s approval to procure additional credit facilities of up to P32 billion.
ACEN said it was arranging loan facilities with various lenders with no specific timing for use.
ACEN expects set to reach its 5,000-megawatt (MW) goal 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 located 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 held in July this year.