ACEN Corporation has signed a loan agreement with its subsidiary, Santa Cruz Solar Energy Inc., to fund the third phase of the San Marcelino Solar Project.
In a disclosure to the Philippine Stock Exchange (PSE), the Ayala-led firm extended a loan agreement to Santa Cruz Solar Energy amounting to Php 1.92 billion to fund the capital expenditure requirements of the San Marcelino project in Zambales.
“Santa Cruz Solar Energy Inc., a subsidiary of ACEN, is a special purpose vehicle for the development of renewable energy projects in the Philippines,” said ACEN.
Philippine Star reported that ACEN had already completed the initial phases of the San Marcelino project, which had extended a 385 megawatts (MW) capacity into the Luzon grid since January of this year.
ACEN is expects the project to generate a total capacity of 585 MW upon completion of the third phase.
Earlier, ACEN boosted its investment in Belenos Energy Corporation by Php 467.75 million, aiming to finance its prospective renewable energy ventures.
Through ACEN Renewables International Pte. Ltd., the firm finalized a USD 150 million five-year syndicated green term loan and revolving credit facility with international lenders, spearheaded by Taiwan’s CTBC Bank Group.
ACEN currently boasts approximately 4.8 gigawatts (GW) of renewable energy capacity either operational or under construction, in addition to over one GW from recently signed agreements and competitive tenders.
