ACEN Corp., the renewable energy arm of the Ayala Group, said Friday that together with its subsidiary Visayas Renewable Corp., it will guarantee a loan facility secured by Monte Solar Energy Inc.
Montesol, owner of the first solar farm in Negros Oriental, will borrow P600 million to partially fund permanent working capital and other general corporate expenses.
Montesol is the owner of the 17.998 megaWatt-direct current solar power plant located in Bais City. The solar farm was built in 2016 and powers over 5,500 homes. It operation helps the country avoid the production of over 15,450 metric tons of carbon dioxide a year.
ACEN aims to generate total capacity of 20 gigaWatts by 2030 with varied renewable energy projects in the Philippines and abroad.
