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Manila Bulletin devider Business devider ACEN cements deal with ADB, BPI to raise P11-B loan facility for solar projects

ACEN cements deal with ADB, BPI to raise P11-B loan facility for solar projects

Published Dec 14, 2023 05:47 am

At A Glance

  • The Ayala energy company has been accelerating installations for its renewable energy (RE) development platform that is targeted for ramp up to 5,000 megawatts by 2025; with an escalation phase to 20 gigawatts by 2030. 

Ayala-led ACEN Corporation has firmed up a deal with the Asian Development Bank (ADB) and Bank of the Philippine Islands (BPI) to raise P11 billion worth of sustainability-linked term loan facility that will partly bankroll the company’s solar projects.

The loan, according to ACEN, will carry partial credit guarantee by the ADB – and its financing use on projects will be in line with the net zero goals of the Ayala firm.

The company emphasized the facility will be “tied to the key performance metrics set with the ADB and BPI" - particularly on environmental and governance matters. 

ACEN President and CEO Eric T. Francia qualified that “this financing is not just a loan, it is a clear testament of our unwavering commitment to our sustainability ambitions as we set the stage for accelerated growth in the renewable energy sector.”

The Ayala energy company has been accelerating installations for its renewable energy (RE) development platform that is targeted for ramp up to 5,000 megawatts by 2025; with an escalation phase to 20 gigawatts by 2030.

At present, ACEN already has approximately 4,500 megawatts of attributable capacity covering its installations at its home base in the Philippines, as well as its other strategic markets in the Asia Pacific region that stretches from Australia, Vietnam and India.

Cora Dizon, chief finance officer of ACEN, noted that the maiden sustainability-linked loan “exemplifies our strategic financing approach -- one that places environmental, social, and governance (ESG) initiatives at the forefront.”

She expounded “this loan aligns with our priorities and enables us to consistently invest in sustainable energy infrastructure towards our net zero transition goal."

The company added the loan facility “aligns with ACEN's aspiration to become the largest listed renewables platform in Southeast Asia and will contribute to the development of solar projects.”

Additionally, ACEN Treasurer Cecile Cruzabra conveyed that their partnership with ADB and BPI “represents more than just a financial collaboration but also a shared commitment to renewable energy development and a joint mission to achieve net zero GHG (greenhouse gas) emissions.”

Relative to its pure clean tech business model, ACEN reiterated that it is seriously cementing its stature as “a driving force in the development of new renewable energy projects in its core market, the Philippines -- and across the region, utilizing various capital-raising initiatives to strengthen the company’s balance sheet.” 

 

 

Related Tags

renewable energy solar plants Bank of the Philippine Islands ACEN Corporation Asian Development Bank
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