ACEN guarantees subsidiary’s P1.4 billion loan
MANILA, Philippines — ACEN Corp., the listed energy platform of the Ayala Group, has issued a corporate guarantee in support of the P1.4 billion loan of its subsidiary San Carlos Solar Energy Inc. (SACASOL).
In a stock exchange filing, ACEN said it executed a parent company guarantee in favor of SACASOL’s lender, Sy-led BDO Unibank Inc.
SACASOL is the owner and operator of the 45 megawatts (MW) solar photovoltaic power plant in San Carlos, Negros Occidental.
As of end 2023, SACASOL is providing power to about 15,000 homes in San Carlos. The firm said it avoids 40,000 metric tons of carbon dioxide emissions.
In a separate disclosure to the local bourse, ACEN said it borrowed about P436.636 million from its wholly owned subsidiary Giga Ace 3 Inc.
ACEN said it entered into a short-term loan agreement with its subsidiary on May 17.
“The advances to be made to ACEN is part of the ACEN group’s cash management optimization,” ACEN said.
In February, ACEN also entered into a short-term loan agreement with Giga Ace 3 worth P211 million.
- Latest
- Trending
