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Manila Bulletin devider Business devider ACEN secures ₱34-billion loan for Quezon North wind project

ACEN secures ₱34-billion loan for Quezon North wind project

Published Mar 31, 2025 04:31 am

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Ayala-led ACEN Corp. announced that its subsidiaries, ACEN Global Development Group Inc. and GIGA ACE 6 (GA6), have secured an omnibus loan and security agreement (OLSA) for Quezon North wind project.

In a disclosure to the Philippine Stock Exchange on Monday, March 31, the power firm said it and its two subsidiaries signed an OLSA with Bank of the Philippine Islands (BPI), BDO Unibank Inc. (BDO), and Rizal Commercial Banking Corp. (RCBC) through a ₱34.41-billion deal.

This loan will partially finance the 344.5-megawatt peak (MWp) Quezon North onshore wind power project, which is located in the municipalities of Mauban, Real, Paete, and Kalayaan in the provinces of Quezon and Laguna.

According to ACEN, the total cost of the wind project is ₱70 billion, with the first phase expected to be completed by the fourth quarter of 2026. The second phase is slated for completion between the end of 2027 and 2028.

The project, which was acquired from Real Wind Energy Inc. (RWEI) in August 2024, would add 500 MW to ACEN’s generation portfolio.

In December 2024, wind turbine provider Envision Energy inked a partnership for the wind project, as it would allow them to manage the design, engineering, manufacturing, and delivery of high-performance wind turbine generators, which feature 150-meter-tall towers.

In a related development, ACEN had also signed a ₱350-million term loan facility to fund the working capital requirements of its subsidiary, Amihan Renewable Energy Corp. (AREC).

AREC manages ACEN’s fourth wind project, the 70-MW Capa Wind in Ilocos Norte.

According to the Ayala-led firm, the wind farm is expected to provide clean energy to around 60,000 households annually, while also creating 300 local jobs during its construction.

Other recent financial moves included a ₱75-million allocation to support ACEN Technical Services Inc. (TSI), which involved subscribing to 7,500 common shares at ₱100 and 67,500 redeemable preferred shares at ₱1,100.

Currently, ACEN has less than seven-gigawatts (GW) worth of attributable renewable energy (RE) capacity, which spans operational, under-construction, and committed projects.

In 2024, the company’s net income jumped by 27 percent to ₱9.36 billion from ₱7.4 billion in the previous year due to added generation capacity over the year.

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