ACEN Corp., the renewable energy arm of the Ayala Group, agreed to lend P1.92 billion to its unit Santa Cruz Solar Energy Inc.
Santa Cruz Solar will use the loan to fund the capital expenditure requirements for the San Marcelino Solar Project Phase 3 in San Marcelino, Zambales. Phase 3 of the solar farm is expected to generate 96 megaWatts.
ACEN aims to become the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 gigaWatt of renewables capacity by 2030. It plans to have a generation portfolio that is 100 percent renewable energy by 2025 and become a net zero greenhouse gas emissions company by 2050.
