ACEN lends more funds for solar power projects

MANILA, Philippines — ACEN, the listed energy platform of the Ayala Group, is lending more funds to one of its subsidiaries to bankroll solar power projects that will supply energy to local telecom towers.

In a stock exchange filing, ACEN said it would raise the credit facility it provided to YMP Telecom Power Inc. to P466 million from the initial amount of P200 million.

YMP Telecom Power Inc. is a wholly owned subsidiary of ACEN.

The higher credit facility is meant to fund the development costs of certain energy efficiency and renewable energy projects of YMP Telecom Power Inc.

“At the request of YMP Telecom Power Inc., ACEN signed on May 22, 2024 a request letter agreeing to amend the terms of the agreement to increase the total facility amount from P200 million to P466 million,” the company said.

ACEN recently acquired YMP Telecom Power Inc. and its affiliated YMP Industrial Power Inc., which provides solar solutions to telecom towers in the country, as part of the company’s plans to strengthen its solar portfolio.

The acquisition was done through the purchase of 100 percent of the outstanding shares held by Yoma Micro Power (S) Pte. Ltd. in each of the two companies at an acquisition price that is “less than 10 percent of the book value of ACEN.”

Last year, ACEN secured an approval from its executive committee for a proposed joint venture with Norfund and investment into YMP Telecom Power Inc. for the provision of sustainable and affordable telecom tower solarization solutions in the country.