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Manila Bulletin devider Business devider The Stock Market devider DBP extends ₱2.6-billion loan to ACEN-Citicore solar venture

DBP extends ₱2.6-billion loan to ACEN-Citicore solar venture

Published Dec 11, 2025 05:34 pm
Ayala-led ACEN Corp. and Citicore Solar Energy Corp. (CSEC) have executed an omnibus loan and security agreement (OLSA) with the Development Bank of the Philippines (DBP) to support the operations of their solar photovoltaic (PV) plant in Pampanga.
The joint venture, Greencore Power Solutions 3, Inc. (GPS3), secured a ₱2.58 billion loan from DBP, ACEN disclosed to the Philippine Stock Exchange on Thursday, Dec. 11. The financing is earmarked for the 115.67-megawatt (MW) Arayat-Mexico solar plant in Mexico, Pampanga.
DBP acted as the lender, while ACEN Global Development Group, Inc. and CSEC acted as the sponsor and share collateral grantor, and the DBP Trust Banking Group acted as the project accounts agent.
CSEC is a unit of publicly-listed power developer Citicore Renewable Energy Corp. (CREC), which operates solar, hydropower, and wind assets in the Philippines.
The solar farm, which began commercial operations in August 2022, has energized approximately 19,450 households and minimized annual carbon dioxide emissions by an estimated 56,635 metric tons.
ACEN has recently injected additional capital into the joint venture. It subscribed to 2.4 million common A shares at a par value of ₱1 per share, totaling ₱2.4 million. It also secured 41.9 million additional redeemable preferred shares (RPS) A valued at ₱856.7 million. The company stated that despite the additional shares, it will maintain a 45% interest in the total outstanding shares of GPS3.
ACEN is increasing its financial activities as it plans to raise its capital expenditure (capex) for the coming year. The budget is projected to exceed the ₱50 billion mark set for 2025, which will fund the expansion of the firm’s renewable energy (RE) assets, including solar, wind, and battery projects.
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