Ayala-led ACEN Corporation’s 720-megawatt (MW) New England solar farm, one of its first renewable projects in Australia, is on track for commercial operations next year.
In a disclosure to the Philippine Stock Exchange on Tuesday, ACEN said that the first phase of the New England Solar farm, which is around 521 MW, will come online by 2023.
The New England solar farm would also be equipped with a battery energy storage system (BESS) that would dispatch power supply to the grid during peak demand.
ACEN’s solar farm will produce around 1.8 million megawatt-hours of power annually, powering about 250,000 homes in New South Wales, making it Australia’s largest hybrid solar and battery energy storage facility once completed.
ACEN Australia Pty. Ltd. recently entered into an AUD140 million green term loan facility with MUFG Bank Ltd, which is part of the company’s goal to raise AUD600 million to support the development of its projects in Australia.
“MUFG has been steadfast in leveraging its unrivaled global network and its expertise in financing the renewable energy sector. ACEN’s aspiration towards becoming a leading renewable energy provider in Asia is aligned with MUFG’s sustainability mission, and we are privileged to partner with the company in its commitment towards building a sustainable future.” MUFG Bank global head of subsidiary banking Manoj Bhatia said in a statement.
The company has also secured an AUD100 million green loan from the DBS Bank of Australia.
ACEN is looking to expand its RE capacity to 20 gigawatts by 2030.
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.