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Manila Bulletin devider Business devider ACEN to avail of 'energy transition' financing for SLTEC coal plant's phaseout

ACEN to avail of 'energy transition' financing for SLTEC coal plant's phaseout

Published Apr 6, 2022 03:44 pm

Ayala-led ACEN Corporation will avail of energy transition mechanism (ETM) refinancing for its 270-megawatt South Luzon Thermal Energy Corporation (SLTEC) coal-fired power plant to prepare for its eventual phaseout.

In a disclosure to the Philippine Stock Exchange (PSE), the Ayala company indicated that it already executed relevant documents “for the refinancing of SLTEC under an energy transition financing with certain Philippine banks as lenders.”

The board of the company had similarly authorized ACEN President and CEO Eric T. Francia and Chief Finance Officer Maria Corazon G. Dizon “to finalize the terms and conditions of the sponsor-documents and the list of lenders for SLTEC’s energy transition financing.”

The Ayala firm previously announced that its affiliate bank, BPI Capital Corporation, will be the lead arranger for the planned ETM for the SLTEC coal-fired power facility’s refinancing and eventual phaseout.

Under the ETM financing mechanism, developing countries such as the Philippines could avail of a refinancing package that will enable them to retire their coal plants at an earlier timeframe and push for capacity replacement leaning towards renewable energy (RE) technologies.

For the ETM funding scheme being pushed for coal plants in the Philippines, the retirements of the candidate coal-plants are envisioned in a span of 15 years.

Multilateral lending entities, such as the Asian Development Bank (ADB) and International Finance Corporation (IFC), are among the aggressive funding institutions pushing for the scrapping of coal plants in the power mix -- to be underpinned by ETM funding scheme to be done in collaboration with private banks and other investment funds.

Around October last year, the Ayala group sounded off plan to ditch its coal-fired power fleets ahead of schedule as part of the conglomerate’s mid-century net zero goal as anchored on the Paris Agreement.

The major candidate-plant dangled by ACEN had been its SLTEC generating units; and the target is to push for retirement by year 2040, which is 15 years ahead of its technical life.

Apart from SLTEC, the Ayala group still has stake in coal-fired power plants in its GNPower joint venture projects with the Aboitiz group -- primarily the Dinginin and Mariveles coal plants in Bataan.

ACEN has been consistently highlighting its desire to break away from fossil fuel-fed power installations; and will instead concentrate its investments in the RE space – not just in the Philippines but also in its other offshore markets.

The Ayala firm is currently concretizing its 5,000MW RE development portfolio; which to-date, had already been halfway vis-à-vis the targeted projects on blueprint.

Related Tags

#ACEN #ETM #NERGYTRANSITION #SLTEC #COALPHASEOUT
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