ACEN secures more debt to grow solar platform, Aussie biz

Philippine-based ACEN Corp (PSE:ACEN) has a secured a PHP-11-billion (USD 197.4m/EUR 179.4m) sustainability-linked loan to bankroll the development of its solar projects and additional debt financing to beef up its renewables business in Australia.

Ayala group’s platform said on Wednesday that the Asian Development Bank (ADB) and the Bank of the Philippine Islands (BPI) will provide it with a loan to finance its solar projects. The facility is tied to the achievement of certain environmental, social, and governance (ESG) goals and includes a partial credit guarantee by ADB.

"ACEN currently has 4,500 MW of attributable capacity, and this loan is an instrumental step towards our ambitious target of reaching 20 GW by 2030,” said Eric Francia, ACEN’s president and CEO.

Separately, ACEN Renewables International Pte Ltd has obtained a term loan of AUD 75 million (USD 50.3m/EUR 45.7m) from the Hongkong and Shanghai Banking Corp Ltd (HSBC). The green financing facility will enable ACEN to enhance its renewables activities in Australia, which is its largest market outside the Philippines and is seen as a key market for its business.

The two debt deals come on the heels of a USD-100-million (EUR 90.9m) financing agreement with MUFG Bank Ltd backing ACEN’s expansion in overseas markets and its capacity target.

(USD 1.0 = EUR 0.909)

(AUD 1.0 = USD 0.671/EUR 0.609)

(PHP 10 = USD 0.179/EUR 0.163)

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