ACE Enexor loaning up to Php300M

Enexor LNG plant generic

Ayala-led ACE Enexor will be borrowing up to Php300 million to fund its various projects.

In a disclosure to the Philippine Stock Exchange on Monday, Enexor said its board approved a short-term loan from parent firm ACEN of up to Php150 million for its 1,100-megawatt combined-cycle liquefied natural gas and hydrogen plant project in Batangas under Batangas Clean Energy (BCE). ACEN confirmed this in its own disclosure on Tuesday morning.

BCE is Enexor’s joint venture firm with Red Holdings B.V., an indirect affiliate of New York-based The Blackstone Group, for the said project.

In addition, Enexor’s board gave the go-signal to secure up to another Php150 million in bank loans to be guaranteed by ACEN subject to the payment of a guarantee fee.

Enexor also announced on Monday that former Shell Philippines Exploration B.V. managing director Rolando “Don” Paulino, Jr. will take over as its new president on January 1, 2022.