ACEN Corporation has secured a facility agreement with subsidiary ACEN Australia Pty. Ltd. and MUFG Bank Ltd. in Sydney for AUD 140 million green term loan facility.
ACEN serves as the guarantor to ACEN Australia projects.
According to a Philippine Star report, ACEN Australia and MUFG also entered into an accession letter in order to include MUFG as a lender under the common provisions agreement executed with DBS Bank Australia.
ACEN Australia and DBS Bank entered a AUD 100 million green loan to partially fund its renewable energy ventures in Australia.
The loan is part of ACEN’s goal to raise an initial issuance of AUD600 million to support the company’s projects in Australia.
In July, ACEN’s board of directors approved the issuance of corporate guarantees, comfort letters, letters of awareness, and other documents to support its Australian projects of up to an aggregate of AUD 1 billion dollars with an initial issuance of up to AUD 622 million for a revolver/term/club loan financing.
Earlier this week, Fernando Zobel de Ayala stepped down as a member and Chairman of the Board of Directors of ACEN, as well as from his other positions in Ayala Corporation companies.
ACEN is looking to achieve a 5,000 MW all renewable energy portfolio by 2025. The Ayala energy company currently has an attributable capacity of 3,800 MW across the Asia Pacific.