ACEN OKs P1.44 billion funding to 5 units

MANILA, Philippines — ACEN Corp., the listed energy platform of the Ayala Group, has approved a total of P1.44 billion worth of funding for its various subsidiaries to finance their development activities in the country.

ACEN, in a stock exchange filing, said the company’s executive committee approved the funding through loan or equity of five wholly owned special purpose vehicles.

The largest funding amount is for AC Laguna Solar Inc. at P410 million, followed by AC Subic Solar Inc. and GigaWind1 Inc. with P367 million and P324 million, respectively.

SolarAce4 Energy Corp.’s funding requirement is at P205 million, while Ingrid2 Power Corp. is at P134 million.

“The funding will be used by the special purpose vehicles for development activities relating to renewable energy projects in the Philippines,” ACEN said.

ACEN currently has around 4,400 megawatts of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia and India.

The company aims to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 gigawatts of renewables capacity by 2030.

The company plans to hit its five GW of renewable energy capacity target by 2025 or earlier amid its aggressive expansion.

It has earmarked P50 billion to P70 billion in capital expenditures this year to continue growing its renewable energy portfolio.