ACEN receives $150 million green term loan from SMBC

MANILA, Philippines — A subsidiary of ACEN Corp. has inked a $150 million green term loan facility with Sumitomo Mitsui Banking Corp. (SMBC) to bankroll investments in renewable energy projects across the region.

SMBC’s Singapore Branch acted as both lender and green loan coordinator for ACEN Renewables International (ACRI).

This marks the first partnership between ACEN and the financial institution, signaling a new chapter in ACEN’s journey toward achieving 20 gigawatts of renewables by 2030.

ACEN group treasurer Cecile Cruzabra said the company is “very pleased” with the closing of the landmark US and Australian dollar dual-currency loan with the Japanese bank.

“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,” Cruzabra said.

According to her, the facility is a strategic addition to the company’s portfolio of green financings aimed at achieving its net zero commitments.

ACEN is committed to achieving its goal of 100 percent renewable energy in its generation portfolio by 2025 and becoming a net zero greenhouse gas emissions company by 2050.

SMBC executive officer for corporate banking in Asia Pacific Hideo Uchida said the bank is proud to extend its support for ACRI 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. 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.

Zia Azeez, head of renewables, utilities and infrastructure sector coverage for Asia at SMBC, said the financing is a continuing partnership for several renewable projects across the region.

“We look forward to continuing this journey with ACEN as they march towards 20 GW of green power by 2030,” Azeez said.

Last February, the listed energy platform of the Ayala Group secured a A$150 million green term loan from the Australia and New Zealand Group Ltd. (ANZ) and Westpac Banking Corp. to fund renewable projects in Australia.