ACEN Corp., the renewable energy arm of the Ayala Group, said Wednesday it has increased to P466 million the amount it will lend to YMP Telecom Power Inc. to fund its development of certain energy efficiency and renewable power projects.
YMP Telecom, a solar power provider for telecom towers and industrial facilities, initially sought a loan in the amount of P200 million.
YMP Telecom was acquired earlier this year by Belenos Energy Corp., a wholly-owned subsidiary of ACEN. YMP Telecom currently provides power supply to 600 telecom towers.
In its disclosure late December, ACEN said the acquisition of YMP Telecom is part of a broader strategy to develop commercial and industrial solar power systems and solar-powered communications tower systems across the country.
ACEN has 4,800 megaWatts of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable share of 99 percent, among the highest in the region. It aims to be the largest renewable platform in Southeast Asia, with a goal of reaching 20 gigaWatts of renewable capacity by 2020.
