ACEN Corp. has finalized a P20-billion term loan facility with a bank that will partly finance the power firm’s renewable energy (RE) projects.
“On November 29, 2023, the Company signed a term loan facility worth P20 billion,” ACEN said in a disclosure to the stock exchange. The company, however, did not identify the bank.
When sought for more details, ACEN said the proceeds will be utilized for general corporate purposes, including investments in RE. The loan facility carries a 10-year term.
Last March, ACEN said it will tap credit facilities worth up to P32 billion. “These are loan facilities we are arranging with various lenders, with no specific timing for use yet,” the company said. ACEN is targeting to reach 20 gigawatts (GW) of renewables capacity by 2030. It is also committed to transition the company’s generation portfolio to 100 percent renewable energy by 2025 and to become a net zero greenhouse gas emissions company by 2050.
At present, it has about 4,000 MW of attributable capacity from owned facilities in the Philippines, Vietnam, Indonesia, India, and Australia, with a renewable share of 98 percent, which is among the highest in the region.
“ACEN announced the adoption of a new corporate vision and strategy that targets 20 GW of attributable renewables capacity by 2030. With a strong balance sheet, robust pipeline, and a highly energized organization, ACEN is making significant strides toward accelerating the energy transition in the region.”