The Asian Development Bank (ADB) and the Bank of the Philippine Islands (BPI) have extended ACEN Corp. an P11-billion sustainability-linked loan to finance its solar projects.
“This financing is not just a loan; it is a clear testament of our unwavering commitment to our sustainability ambitions as we set the stage for accelerated growth in the renewables sector…,” said Eric Francia, ACEN president and chief executive officer, in a statement.
Cora Dizon, ACEN chief finance officer, said the company’s maiden sustainability-linked loan exemplifies the company’s strategic financing approach “that places environmental, social, and governance initiatives at the forefront.”
In a separate statement, ACEN said it is now a member of the Powering Past Coal Alliance (PPCA), a global coalition of national, sub-national government and private businesses transitioning from coal power generation to cleaner, renewable energy sources.
ACEN said its induction into the PPCA aligns with its target to generate 20 gigawatts (GW) of renewable power by 2030, achieve 100 percent renewable generation by 2025 and attain net-zero greenhouse gas emissions by 2050 or earlier.
ACEN also signed a subscription agreement with renewable energy developer Belenos Energy Corp. for shares worth over P200 million.
The company said the agreement breaks down into 22,325,000 common shares with par value of P22.32 million and 200,925,000 redeemable preferred shares with par value of P200.93 million to be issued out of the increase in authorized capital stock.
ACEN has a diversified portfolio of 4.4 GW in renewables 38 percent of which or 1.7 GW are in operation.
Its operating capacity is expected to grow by 1 GW in the next few months.
Apart from the Philippines and Australia, ACEN has projects in Vietnam, Lao People’s Democratic Republic, India, Indonesia as well as in the United States and Taiwan.
