ACEN Corp., the listed energy platform of the Ayala Group, said Monday its subsidiaries signed loan agreements worth nearly P9.74 billion to finance renewable energy (RE) projects.
ACEN said in a disclosure to the Philippine Stock Exchange subsidiary ACEN International Inc. and Rizal Commercial Banking Corp. completed the signing of a term loan facility worth P7 billion.
It said the loan would be used to finance RE projects through its subsidiaries and joint ventures and for general corporate purposes.
Meanwhile, ACEN through subsidiary ACEN Renewables International Pte. Ltd. (ACRI) said it secured an Au$75 million (P2.743 billion) green term loan with the Hongkong and Shanghai Banking Corp. Ltd. (HSBC).
ACEN said in a separate disclosure the loan agreement underlines the company’s strategic move to bolster its renewable energy initiatives in Australia, an emerging key market for the company.
The green term loan will deliver the much-needed capital for ACEN’s renewable energy projects and support its ambitious goal to expand its RE capacity to 20 gigawatts by 2030.
“This AUD green term loan of ACRI is a significant stepping stone in our funding journey―supporting our expansion plans in Australia, as well as helping manage our foreign currency risk in AUD,” ACEN treasurer Cecile Cruzabra said.
ACEN Australia, the platform representing ACEN’s renewable energy assets in the country, expects to play a vital role in the company’s expansion in the region.
ACEN Australia has over 1 GW of RE capacity in construction and in operation, and an additional 8-GW capacity in development.
ACEN has about 4,500 MW of attributable capacity from facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable share of 98 percent.
The company aims to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 GW of renewables capacity by 2030.