ACEN Corporation has entered into a short-term loan agreement worth Php 30 million with its subsidiary, Pagudpud Wind Power Corporation.
“Please be informed that on 30 January 2025, ACEN executed a short-term loan agreement with its subsidiary, Pagudpud Wind Power Corp., for Php30,000,000.00. The advances to be made to ACEN is part of the ACEN group’s cash management optimization,” said ACEN in its regulatory filing.
The Department of Energy’s (DOE) Green Energy Auction Program (GEAP), held in June 2022, provided Pagudpud Wind with a long-term market as it moves toward becoming the country’s largest wind farm.
Pagudpud Wind completed its first phase in 2023, with the second phase underway and set for completion by the 2025 GEAP. The project aims to deliver an installed capacity of 160 megawatts (MW).
The project, ACEN’s third investment in Ilocos Norte, powers 43,000 homes, while preventing 118,000 metric tons of greenhouse gas emissions each year.
Stay updated on ACEN Corporation’s strategic financial moves to support the Pagudpud Wind project, a key initiative toward a greener energy future by engaging in powerful discussions at Power Philippines
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