Ayala Corporation subsidiary ACEN Corp. has taken out a combination local- as well as foreign currency-denominated loans aggregating P7.8 billion more or less as part of the broader plan to obtain P30 billion as capital expenditure.
The publicly listed renewable energy company told the Philippine Stock Exchange that it has tapped China Banking Corp. for up to P5 billion while also availing of omnibus credit line with Mitsubishi UFJ Financial Group for up to $50 million or P2.8 billion in local currency.
In April, Maria Corazon Dizon, ACEN chief finance officer, said the enterprise eyes tapping up to P30 billion in loans this year to help fund capital expenditures that could hit P50 billion to P70 billion.
The company also recently committed to expand its portfolio of renewable energy (RE) projects abroad and announce more plans in the next six to nine months.
Apart from the Philippines, ACEN has operations in Australia, Vietnam, Indonesia, India, Lao PDR and the United States.
The ACEN group has more than 2,400 megawatts (MW) of projects under construction but looks to own 20,000 MW worth of renewable energy capacity by 2030.
