ACEN Corp., the renewable energy arm of the Ayala Group, announced on Friday that it has entered into a short-term loan agreement with its subsidiary, Pagudpud Wind Power Corp., for P30 million. This funding is part of ACEN’s ongoing effort to optimize its cash management strategy, furthering its renewable energy ambitions.
The loan comes amid the company’s push to expand its renewable energy capacity, including its flagship 160 MW Pagudpud Wind project in Ilocos Norte. The first phase of this project, thus far the largest wind power development in the Philippines, was officially completed in May 2023. Once completed by the fourth quarter this year, the project will feature 32 wind turbine generators, each with a 5-megaWatt capacity, contributing significantly to the country’s clean energy generation.
The Pagudpud Wind project is part of ACEN’s commitment to meet its goal of 20 gigaWatts in attributable renewable energy capacity by 2030. Once the entire 160 MW wind farm is operational, it is projected to help avoid up to 344,600 metric tons of carbon emissions annually, aligning with the Department of Energy’s Green Energy Auction program.
This development is in line with ACEN’s broader strategy of increasing its renewable energy footprint while keeping operational flexibility through strategic financial management.
