ACEN Corp. said its subsidiary ACEN Renewables International (ACRI) signed a $150 million green term loan facility with Sumitomo Mitsui Banking Corp. Singapore Branch (SMBC) to fund its renewable energy projects across the region.
ACEN, the listed energy platform of the Ayala Group., said in a disclosure to the Philippine Stock Exchange the five-year green term loan was arranged by SMBC, which acts as both lender and green loan coordinator.
It said this marks the first partnership green financing between ACEN and the financial institution, signaling a new chapter in the company’s journey towards achieving 20 gigawatts of renewables by 2030.
ACEN said the loan would help enable its strategic expansion into several key international markets including Australia.
“We are very pleased with the closing of this landmark US$/AU$ dual-currency loan with SMBC. This benchmark deal not only lends support to our momentum in expanding our international business, but is also a testament to the faith our banking partners place in our ability to execute on our vision,” ACEN group treasurer Cecile Cruzabra said.
She said the facility is a strategic addition to ACEN’s portfolio of green financings aimed at fulfilling its contribution to achieving its net zero commitments.
“SMBC is proud to extend our support for ACEN Renewables International in its push for a greener future. This achievement underscores the strength of our relationship and our shared commitment in supporting the Asia Pacific region’s transition towards a Net Zero aligned future,” SMBC executive officer for corporate banking for Asia Pacific Hideo Uchida said.
“As we celebrate the success of this closing, we look forward to our continued partnership with all our clients on their transition journey in achieving their sustainability ambitions,” he said.
SMBC head of renewables, utilities and infrastructure sector banking for Asia Zia Azeez said the company looks forward to supporting ACEN as they march towards 20 GW of green power by 2030.
ACEN has around 4,800 MW of renewable energy capacity in operations and under construction across its key markets in the Philippines, Australia, Vietnam, India and Indonesia.