ACEN powers Australia expansion with P27 billion financing deal

MANILA, Philippines — Ayala-led ACEN Corp. has secured about P27 billion (750 million Australian dollars) in debt financing from a consortium of international lenders to further strengthen its presence in Australia.

ACEN, through ACEN Australia, signed a financing deal to support the construction of its green energy projects in Australia, including the near-complete 520-megawatt (MW) Stubbo Solar in New South Wales.

“Our ability to attract top-tier financial partners reinforces our position as a trusted, long-term developer, owner and operator of assets, and reflects growing investor appetite for high-quality, renewable infrastructure in Australia,” ACEN Australia managing director David Pollington said.

The credit facility, Pollington said, would help bankroll the development of ACEN’s diverse portfolio of renewable energy projects, including over 1,000 MW of capacity in operation and under construction.

ACEN Australia chief financial and investments officer Phillip Mak said the transaction is expected to accelerate the company’s delivery pipeline and cement its position as a “capable partner backed by a stable and diverse capital base.”

The global lenders involved in the transaction include ANZ Banking Group, Commonwealth Bank of Australia, CTBC Bank Co. Ltd. Singapore Branch, CTBC Bank (Philippines) Corp., Cathay United Bank, Deutsche Bank AG Sydney Branch, DBS Bank Ltd, Australia Branch, Hongkong and Shanghai Banking Corp. Ltd. Sydney Branch, MUFG Bank Ltd., Sumitomo Mitsui Banking Corp. Sydney Branch, UOB and Westpac Banking Corp.

Macquarie Capital and Morgan Stanley served as joint financial advisors to the transaction, with Allens and Herbert Smith Freehills acting as legal advisers for ACEN Australia and the lenders, respectively.

As the listed energy platform of the Ayala Group, ACEN aims to scale up its attributable renewables capacity to 20 gigawatts by 2030 from its current portfolio of seven GW.

Apart from Philippines and Australia, the company also has a growing presence in Vietnam, India, Indonesia, Laos and United States.