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Manila Bulletin devider Business devider Trade & Industry devider ACEN to issue $352-M corporate guarantee for subsidiary's loans

ACEN to issue $352-M corporate guarantee for subsidiary's loans

Published Jul 7, 2023 05:15 am
Ayala-led ACEN Corporation will be issuing $352 million worth of corporate guarantees as a support to loan payments of ACEN Cayman, one of its subsidiaries. The corporate guarantee has been approved by the company’s board of directors in their special meeting at the Grand Hyatt Hotel on Wednesday, July 5, as disclosed to the Philippine Stock Exchange. The company noted the issuance of the corporate guarantees will “support debt facilities amounting to $352 million to be raised by ACEN Cayman, to fund its payment obligations.” An arrangement for corporate guarantee entails that the guarantor-entity would assume payment of the financial obligations if the debtor defaults on the loan. The ACEN Board similarly gave go-signal for the $70 million equity investment into ACEN International and ACEN Renewables International Pte. Ltd., subsidiaries of the company that have been pursuing expansion ventures into offshore markets. The company has been vigorously injecting investments for solar and wind farm projects across strategic markets, including Vietnam, Australia and India; while also broadening its development footprint in the United States. In the Philippines, the company has been building up its portfolio on solar, onshore wind. Its next foray will be on offshore wind projects. The renewable energy (RE) investment space is the country’s focus when it comes to enticing investments, as this is aligned with the ‘energy transition agenda’ being advanced by the current administration. Another matter greenlighted by the Ayala firm’s board has been the appointment of Jonathan P. Back as the new Chief Finance Officer of ACEN effective January 1 next year. According to the company, Back’s appointment as CFO “will be concurrent with his position as the Company’s Chief Strategy Officer.”







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