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Manila Bulletin devider Business devider ACEN signs P20B term loan facility

ACEN signs P20B term loan facility

Published Nov 30, 2023 04:39 am

Ayala-led ACEN Corporation has inked P20 billion worth of term loan facility that will be used mainly to bankroll ongoing renewable energy (RE) projects as well as for general corporate purposes.

According to the company, the debt facility has 10-year repayment term, but the lender-banks have not been disclosed as of this writing.

Nevertheless, in the Ayala firm’s earlier disclosure on this loan availment last March, it stipulated that this is part of its foray to enter into a “sustainably-linked loan facility” with Asian Development Bank (ADB) and the Bank of the Philippine Islands.

ACEN is currently fulfilling its investment target of 5,000 megawatts RE capacity by 2025; and is also advancing into its higher RE installation goal of 20,000MW (20 gigawatt) by 2030.

In his report to company stockholders last April, ACEN President and CEO Eric T. Francia indicated that the company’s attributable capacity already hovered at 4,000 megawatts – both for its installations in the Philippine market as well as on its core offshore markets of Vietnam, Australia, India and also the United States.

As reckoned from the end of 2022, the Ayala firm qualified it has more than 2,400MW of capacities that are under construction – and majority of these have targeted commercial operation dates (CODs) by 2023.

Of that investment portfolio, it was specified that roughly 1,000MW of various RE projects are currently under construction in the Philippines.

The Ayala energy firm said the Philippines will continue to be its core market – with 40% of its investment pipeline being set for installation at home base – mainly for its blueprinted solar, wind farm as well as energy storage projects.

“We promptly responded to invest in new capacity amidst the tightening power supply situation brought about by resurgent electricity demand and the declining Malampaya gas output,” Francia emphasized.

Outside of the Philippines, Australia is another very significant market for ACEN as it is now advancing to completion its mammoth solar farm developments in that market – primarily its 720MW New England solar farm project.

“Overseas, Australia is our largest market, comprising 25% of our generation portfolio. This was cemented by our acquisition of the Australia development platform, resulting in our first full ownership of a development and operating platform outside the Philippines,” Francia stated.

The company also had major RE installations in Vietnam – mainly for solar and wind farm ventures, although there had been development slowdown in that market due to transmission congestion concerns; while its investments in India had been mainly on the solar space.

Related Tags

renewable energy solar plants Ayala Group of Companies wind farm ACEN Corp
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