ACEN Corp., through its subsidiary, ACEN Australia has secured a total of AU$ 150 million ($97.74 million) green term loan from Australia and New Zealand Banking Group Ltd. (ANZ) and Westpac Banking Corp. (Westpac) to expand its renewable energy project pipeline in Australia.
ACEN said in a disclosure to the stock exchange on Wednesday, each bank os providing a facility limit of AU$ 75 million with a four-year tenor.
Australia is ACEN’s second largest market after its home country, the Philippines. ACEN’s Australia energy portfolio grew to more than 1,000 megawatts (1 gigawatts) of large-scale RE generation under construction and in operation.
It has an additional development pipeline of more than 8 GW of solar, wind, battery, and pumped hydro projects in Australia.
“Our partnership with Australian financial institutions like ANZ and Westpac is a clear indication of the growing appetite for sustainable investment opportunities in Australia. It underscores the essential role that the financial sector plays in propelling the global shift towards a Net Zero future,” ACEN treasurer Cecile Cruzabra said.
“The support we have garnered is not only a testament to our solid business relationships but also to the trust placed in ACEN to drive impactful change. This green term loan goes beyond funding—it’s an investment in our shared vision for a renewable-powered Australia and a cleaner planet,” she said.
ACEN Australia managing director David Pollington said securing the green term loan is an important step and a vote of confidence “in our strategic direction and capacity to deliver on the promise of renewable energy.”
“Our focus remains on the responsible deployment of capital to ensure the timely delivery of our projects whilst striving for operational excellence. We are building on our track record as we significantly contribute to Australia’s renewable energy transition,” Pollington said.
ACEN Australia inaugurated its first operational project, the Stage 1 of New England Solar in March 2023.
The 936 MW New England Solar is one of the largest solar and battery energy storage projects in Australia.
Meanwhile, the platform’s second development, the 520 MW Stubbo Solar located in the NSW Central West Orana Renewable Energy Zone, is in construction.
ACEN Australia also secured 20-year Long Term Energy Service Agreements (LTESAs) for two of its solar projects as part of the NSW Government’s first renewable energy and storage auction in May 2023.
The LTESAs will help encourage investment in the renewables and storage capacity necessary to accelerate the transition to clean, reliable and, more importantly, affordable power for Australians.
ANZ executive director for sustainable finance David Simmons said the loan is an encouraging step for ACEN and Australia’s energy sector more broadly and aligns with ANZ’s commitment to finance A$100 billion in social and environmental outcomes by 2030.
Westpac Institutional Bank managing director for energy, infrastructure and resources David Scrivener said the company is proud to partner with ACEN Australia in developing the New England Solar Farm Stage 1 in 2023.
“And we’re excited to continue this partnership as the portfolio grows to provide more renewable energy for Australian households and businesses,” Scrivener said.
Herbert Smith Freehills was legal counsel for ACEN Australia, while King & Wood Mallesons was the counsel for the lenders.