ACEN Corp. has secured a loan for P5 billion for general corporate purposes, including but not limited to capital expenditures in pursuing additional renewable energy (RE) projects.
The company told the Philippine Stock Exchange on Monday that the loan was secured from Metrobank.
ACEN did not disclose any other details to the transaction.
Prior to this, ACEN subsidiary ACEN Indonesia Investment Holdings Pte Ltd, signed a shareholders’ agreement with PT Dewata Megaenergi to establish the joint venture platform, PT Dewata ACEN Renewables Indonesia.
ACEN said the platform will explore renewable energy projects in Indonesia that use wind, solar and battery technologies.
ACEN targets to own 20 gigawatts (GW) of renewable energy capacity by 2030.
ACEN has 4.3 GW renewable energy portfolio, both operational and under construction. It manages 1.6 GW of power in the Philippines, 1 GW in Australia, 0.9 GW in Vietnam and Lao People’s Democratic Republic, 0.5 GW in India and 0.3 GW across Indonesia and other markets, including the United States and Taiwan.
