The board of directors of Ayala-led ACEN Corporation has given go-signal for the company to open new credit lines with Philippines biggest bank BDO, as well as with three other banks, namely Maybank, Asia United Bank Corp. (AUB) and CTBC Bank.
In the same approval given by the firm’s board, it was stated that ACEN was granted the authority “to share such credit facilities with its subsidiaries under a co-use arrangement;” and for it to “provide guarantees to its subsidiaries in proportion to its percentage of interest for the use of such facilities.”
Additionally, the Ayala company indicated that its management shall take the lead in the “negotiation of terms and upsizing of the company’s term loan with BDO.”
There had been no exact figures laid down yet by the company on the credit lines that it will be accessing with the specified banks, but it is highly anticipated that it will be on massive capital outlay in the years ahead to concretize its 20,000 megawatts of renewable energy installations by 2030.
ACEN further unveiled its new solar projects both in the domestic and offshore investment markets – primarily its 520MWdc Stubbo solar farm development in Australia; and the 60MW solar facility it is pursuing in Pangasinan.
It was noted that the Pangasinan solar project, in particular, covers the company’s acquisition of Sinocalan Solar Power Corporation, the special purpose vehicle (SPV) for the venture.
Relative to that project, ACEN stated that a technical services agreement had been cemented with Sungrow Power Renewables Corporation, although it specified that the deal would still be subject to conditions precedent as well as the applicable regulatory approvals.
The Ayala energy firm has similarly reiterated the advancement to construction phases of its 300MW peak solar farm development in Zambales; as well as its 208MWdc NAREDCO solar project in Lal-lo Cagayan.
ACEN originally targeted to ramp up its RE capacities to 5,000MW by 2025; but it beefed up its planned installation goal to 2.0 gigawatts by 2030 as it props itself to become the biggest RE company in Southeast Asia.
The Ayala company has also been reinforcing its market presence beyond Philippine shores – including those in Vietnam, India, Australia and even the United States.