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ACEN obtains P5-B in term loan facility

Business

ACEN obtains P5-B in term loan facility

By Manila Bulletin

At A Glance

ACEN Corp. secures P5 billion worth of term loan facility last Oct.<br>Details about the specific use of the loans have not been provided.<br>ACEN previously entered into a sustainability-related loan facility with the Asian Development Bank and Bank of Philippine Islands.<br>dditional credit facilities worth P32 billion were also procured.<br>ACEN aims to become the largest listed renewables platform in Southeast Asia.

Ayala-led energy platform ACEN Corp. has secured P5 billion worth of term loan facility.

The loan facility would allow the borrower to request a large disbursement of funds for a term with an agreed schedule for repayment.

In a disclosure to the Philippine Stock Exchange, ACEN said the company obtained the loan last Oct. 13.

ACEN has yet to give further details as to where the loans are to be used.

In March, the energy firm said that they had already modified and entered into a sustainability-related loan facility with the Asian Development Bank (ADB) and Bank of Philippine Islands (BPI).

Additionally, P32 billion was previously procured into the additional credit facilities.

ACEN plans to become the largest listed renewables platform in Southeast Asia.

Its goal is to reach 20 gigawatts (GW) of renewable capacity by the year 2030 and aims to be a company with Net Zero greenhouse gas emissions by the year 2050.

Currently, ACEN has over 4,500 megawatts (MW) of referrable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia, and India, with a renewable share of 98 percent.

The rate is said to have reached the highest record in the region. (Gabriell Christel Galang)

Related Tags

renewable energy ACEN Corporation

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