ACEN unit gets P34.4-B loan for Quezon wind power project
A UNIT of Ayala-led ACEN Corp. has obtained a green term loan facility worth P34.4 billion from three local banks to finance its 344.5-megawatt-peak (MWp) Quezon North Onshore Wind Power project.
ACEN, along with its wholly owned unit ACEN Global Development Group, Inc. and Giga ACE 6, Inc., signed an omnibus loan and security agreement with Bank of the Philippine Islands, BDO Unibank, Inc., and Rizal Commercial Banking Corp., ACEN said in a disclosure to the Philippine Stock Exchange on Monday.
Under the deal, ACEN and ACEN Global Development Group will guarantee the loan.
Giga Ace 6 is the special purpose vehicle of the company for the P70-billion Quezon North Onshore Wind Power project in the municipalities of Mauban and Real in Quezon province and in the municipalities of Paete and Kalayaan in Laguna.
The 344.5-MWp plant is targeted to be finished by the fourth quarter of 2026. A 208-MW plant will also be developed under the second phase of the project, expected to be completed by the fourth quarter of 2027.
In a separate disclosure, ACEN said it had lent P350 million to its unit Amihan Renewable Energy Corp. to fund the latter’s working capital requirements.
Amihan Renewable Energy is the special purpose vehicle for the 70-MW wind power project in Pagudpud, Ilocos Norte.
ACEN, the listed energy platform of Ayala Corp., holds 7 gigawatts of attributable renewable energy capacity across operational, under-construction and committed projects. It operates in the Philippines, Australia, Vietnam, India, Indonesia, Laos and the US.
ACEN continues to progress toward its goals notwithstanding global headwinds affecting the energy transition, Eric T. Francia, president and chief executive officer at ACEN, said in a statement last month. The company remains committed to scaling up renewable energy projects in the Philippines and across the region, he added.
ACEN’s net income rose 27% to P9.36 billion last year from a year earlier, driven by higher generation output. Revenue increased 2.2% to P37.3 billion, while costs and expenses fell 13.8% to P27.36 billion.
It’s shares rose by 2.77% to close at P2.97 each. — Sheldeen Joy Talavera
