We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.
The cookies that are categorised as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ...
Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.
Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.
Performance cookies are used to understand and analyse the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Advertisement cookies are used to provide visitors with customised advertisements based on the pages you visited previously and to analyse the effectiveness of the ad campaigns.
Ayala-led ACEN will be advancing a Php1.139 billion loan to partner firm Natures Renewable Energy Development Corporation (NAREDCO) to kickstart the construction of the 200-megawatt (MW) Lal-lo solar farm in the Cagayan Province.
“NAREDCO has agreed to secure the Loan with parcels of land where the Lal-lo Solar Power Project will be located as well as CREC4’s shares in NAREDCO,” ACEN announced in a disclosure to the Philippine Stock Exchange (PSE) on Friday.
The Ayala company said that the loan would provide NAREDCO with the short-term financing needed to allow the early issuance of the Notice-to-Proceed (NTP) to the project’s engineering, procurement, and construction (EPC) contractor.
“ACEN will be repaid from the proceeds of the third-party project finance or NAREDCO’s issuance of additional RPS (redeemable preferred shares) in favor of ACEN,” it added.
In related developments, ACEN’s board of directors also approved the said joint venture deal with CleanTech Global Renewables Inc – which was finalized back in March.
The Cagayan solar farm will add around 100 MW of renewable energy to ACEN’s power generation portfolio, as part of its goal of attaining a 5,000 MW all-RE portfolio by 2025.
