ACEN locks MUFG debt to back 2030 renewables goal

The renewables arm of Philippines-based ACEN Corp (PSE:ACEN) has obtained USD 100 million (EUR 92.8m) in debt to support its expansion in overseas markets and a goal to have 20 GW of installed renewables by 2030.

The five-year green term loan facility will be extended to ACEN Renewables International Pte Ltd by MUFG Bank Ltd, ACEN said in a bourse filing on Thursday. The unit of Mitsubishi UFJ Financial Group (MUFG) is the sole arranger and green loan coordinator of the transaction.

The fresh capital will support ACEN in expanding its business into several international markets outside the Philippines, including Australia.

ACEN currently has about 4.5 GW of attributable capacity in the Philippines, Australia, Vietnam, Indonesia and India and around 8 GW of the targeted 20 GW is planned to be in its home country. The company noted its renewable energy arm has secured approvals for up to USD 422 million on term financing, in addition to the MUFG debt, which it intends to use over the next two years.

(USD 1.0 = EUR 0.928)

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