ACEN Australia, a subsidiary of Ayala Group’s renewable energy arm ACEN Corp., has secured a total of AUD150 million green term loan from the Australia and New Zealand Banking Group Ltd. and Westpac Banking Corp. Each bank is providing a facility limit of AUD75 million with a four-year tenor.
ACEN said Wednesday it is committed to supporting Australia’s energy transition, which represents its second-largest market after the Philippines. The green term loan will bolster ACEN Australia’s efforts to expand its renewable energy project pipeline in Australia.ACEN grew its Australia portfolio to more than 1-GigaWatt capacity of large-scale renewable energy generation under construction and in operation, with an additional development pipeline of more than 8 GW of solar, wind, battery, and pumped hydro projects across the country.
David Pollington, ACEN Australia managing director, said the green loan from ANZ and West is a vote of confidence to the company’s strategic direction and capacity to deliver the promised renewable capacity.
“Our focus remains on the responsible deployment of capital to ensure the timely delivery of our projects whilst striving for operational excellence. We are building on our track record as we significantly contribute to Australia’s renewable energy transition,” he said.
ACEN Australia inaugurated in March last year its first operational project, the Stage 1 of New England Solar. The 936 megaWatt-direct current New England Solar is one of the largest solar and battery energy storage projects in Australia.
Meanwhile, the platform’s second development, the 520 MWdc Stubbo Solar located in the NSW Central West Orana Renewable Energy Zone, is in construction.In May of the same year, ACEN Australia secured 20-year long-term energy service agreements for two of its solar projects as part of the government’s first renewable energy and storage auction.
David Simmons, ANZ executive director for sustainable finance, said ANZ’s support for ACEN Australia’s project is aligned with the bank’s “commitment to finance AUD100 billion in social and environmental outcomes by 2030.”
