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Business

ACEN secures P20 billion loan to finance RE expansion

Richmond Mercurio - The Philippine Star
ACEN secures P20 billion loan to finance RE expansion
ACEN signed a 10-year term loan facility worth P20 billion with a bank.
STAR / File

MANILA, Philippines — ACEN Corp., the energy platform of the Ayala Group, has secured a new debt deal to fund the aggressive expansion of its renewable energy portfolio.

ACEN signed a 10-year term loan facility worth P20 billion with a bank.

Proceeds will be used by the company for general corporate purposes, including investments in renewable energy projects.

For this year, ACEN has earmarked P50 billion to P70 billion for capital expenditures to continue growing its renewable energy portfolio.

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.

But before pushing forward with its bigger 20 GW of renewables capacity target by the end of the decade, ACEN has first set its sights on a five-GW renewable energy target by 2025, which the company is poised to reach ahead of its original schedule.

ACEN already has a diversified portfolio of 4.4 gigawatts (GW) in renewables, with 38 percent or 1.7 GW in operation.

It is currently building 1,100 megawatts (MW) of solar and wind projects, of which 700 MW of that are expected to be operational in the next three to six months.

The company also has other renewable energy projects that are expected to reach financial close soon.

ACEN’s significant renewable energy assets in the Asia Pacific region consist mostly of solar and wind plants in Australia, Vietnam, Indonesia, and India.

Last March, the company became the first energy company in Southeast Asia to establish a robust net zero roadmap.

The roadmap outlines the company’s near-term and long-term emission reduction targets by 2050.

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