ACEN Corp. said Wednesday its board approved the procurement of additional credit facilities of up to P32 billion to finance its expansion program.
ACEN said its was arranging loan facilities with various lenders with no specific timing for use. The company plans to reach 20,000 megawatts of attributable renewables capacity by 2030, up from 4,000 MW at present.
ACEN owns power generation facilities in the Philippines, Vietnam, Indonesia, India and Australia, with a 98-percent renewable energy share.
The ACEN board also approved the increase in revolving development funds for its Philippine business and the increase in land acquisition budget and expansion to include Australia and Indonesia.
It also approved the issuance of credit support for the Laos-Vietnam wind project of wholly-owned subsidiary ACEN Renewables International Pte. Ltd.