ACEN Corp., the power generation arm of the Ayala Group, has secured loan agreements with Metropolitan Bank & Trust Co. for an omnibus credit line of up to P15 billion.
The company said the funds will be used to finance new projects and refinance existing ones. All proceeds will be allocated to renewable energy projects, although ACEN did not name specific developments.
Earlier this month, ACEN and its partners also signed a P2.59 billion loan and security agreement with the Development Bank of the Philippines to support the 115.67-megawatt Arayat-Mexico solar power plant in Pampanga. The borrower is Greencore Power Solutions 3 Inc., a joint venture between ACEN and Citicore Solar Energy Corp., which operates the project.
ACEN also entered into a subscription agreement with Greencore 3, investing P859.12 million to acquire additional shares. The funds will be used by Greencore 3 to partially pay its outstanding loan obligations to ACEN, which were used to develop and build the solar plant. Before the transaction, ACEN held a 45 percent stake in the joint venture.
ACEN aims to grow its renewable energy capacity to 20,000 megawatts by 2030 and reach net-zero greenhouse gas emissions by 2050. The company expects to complete 1,200 megawatts of renewable capacity by the end of 2025, mainly from projects in the Philippines, Laos and India.
ACEN also has renewable energy projects in Vietnam, the United States, Indonesia, Malaysia, Bangladesh and Taiwan.
