AC Energy approves nearly Php11B of financing for RE projects

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AC Energy has approved Php10.81 billion in financing for renewable energy projects in Northern and Central Luzon.

In a disclosure to the Philippine Stock Exchange, the company said it has secured a loan for its solar plant project in Arayat and Mexico, Pampanga worth Php3.33 billion.

The Ayala-led firm has likewise approved 70% financing for another wind farm project to be built in Pagudpud, Ilocos Norte worth Php7.48 billion. AC Energy President and CEO John Eric Francia said the new wind farm will be located near the existing 81-megawatt (MW) wind farm it operates through North Luzon Renewables.

Both new projects are part of AC Energy’s target to have a total of 2,500MW in RE capacity in 2021, which is half of the company’s greater goal of 5,000MW in its RE portfolio by 2025.

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