ACEN Corporation and its partners have bolstered the financing of their 115.671-MW Arayat–Mexico solar project with a PHP 2.587-billion loan from the Development Bank of the Philippines, formalizing a key milestone in the joint venture’s capital and project-funding program.

The financing was formalized through an Omnibus Loan and Security Agreement for Greencore Power Solutions 3, Inc. (GPS3), the joint-venture company that owns the solar facility. GPS3 was identified as the borrower. ACEN signed as sponsor and share collateral grantor, while its wholly owned unit ACEN Global Development Group, Inc. acted as sponsor and share collateral guarantor. Citicore Solar Energy Corp. joined the agreement as sponsor and share collateral grantor. 

The DBP Trust Banking Group will serve as project accounts agent. The disclosure did not include additional terms such as tenor, interest rate, or drawdown schedule.

The Arayat–Mexico solar farm is situated across the municipalities of Arayat and Mexico in Pampanga.

The loan facility follows ACEN’s subscription of additional shares in GPS3 earlier this week as part of the joint venture’s capital stock increase. Executed on December 9, the subscription covered 2,413,862 Common A shares worth PHP 2.41 million and 41,974,772 Redeemable Preferred Shares valued at PHP 856.71 million, consistent with ACEN’s 45% stake in the venture.

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