ACE Corp., the renewable energy arm of the Ayala Group, announced that its subsidiary, GIGA ACE 6 Inc., has secured a loan of up to P34.41 billion to finance its 344.5-megawatt onshore wind power project, which spans towns in Quezon and Laguna.
The senior secured green term loan facility will be provided by Bank of the Philippine Islands (BPI), BDO Unibank Inc., and Rizal Commercial Banking Corp. (RCBC) for GIGA ACE’s Quezon North Onshore Wind Power Project, previously known as Isla Wind. The project will be located in Mauban and Real towns in Quezon, and in Paete and Kalayaan towns in Laguna.
This loan will be guaranteed by ACEN and its wholly-owned subsidiary, ACEN Global Development Group Inc.
In a separate development, ACEN also entered into an agreement to provide Amihan Renewable Energy Corp. (AREC) with a P350 million term loan facility to support AREC’s working capital requirements.
Additionally, on March 28, AREC, another ACEN unit, paid an administrative fine of P220,000 to the Department of Energy, in accordance with Rule 7 Section 33.2 of the Renewable Energy Safety, Health, and Environment Rules and Regulations.
