ACEN Corp. and its partners developing the 115.7-MW Arayat-Mexico solar farm in Pampanga have secured a ₱2.59-billion loan from the Development Bank of the Philippines. The loan agreement was signed on Thursday, ACEN said in a disclosure.
The borrowing entity is Greencore Power Solutions 3 Inc., a joint venture between ACEN and Citicore Solar Energy Corp. ACEN and its subsidiary ACEN Global Development Group, along with Citicore Solar, served as sponsors and collateral providers for the deal. DBP’s Trust Banking Group will act as the project accounts agent.
Earlier this week, ACEN also invested ₱859.12 million in Greencore 3 to acquire more shares, with the proceeds meant to help the joint venture settle its outstanding loans to ACEN. These loans were used to finance the construction of the Arayat-Mexico project. ACEN has not yet disclosed its updated ownership in the venture. Before the share purchase, it owned 45 percent.
ACEN is targeting 20,000 MW of renewable energy by 2030 and aims to reach net-zero greenhouse gas emissions by 2050. The company expects to complete 1,200 MW of new RE capacity by end-2025 from projects in the Philippines, Laos, and India. It also has projects in Vietnam, the U.S., Indonesia, Malaysia, Bangladesh, and Taiwan.
