Ayala-led ACEN Corporation has signed a Php 11 billion sustainability-linked loan facility with the Bank of the Philippines Islands (BPI) and the Asian Development Bank (ADB).
Highlighting ACEN’s dedication to the advancement of renewable energy (RE), the loan, which comes with a partial credit guarantee from ADB, will be used to fund the company’s solar projects.
“ACEN currently has ~4,500 MW of attributable capacity, and this loan is an instrumental step towards our ambitious target of reaching 20 GW by 2030,” said ACEN CEO and president Eric Francia.
Being a catalyst for the creation of renewable energy projects in the Philippines, the loan supports ACEN’s goal of becoming the biggest listed platform for renewables in Southeast Asia.
“The partnership among ACEN, ADB, and BPI represents more than just a financial collaboration but also a shared commitment to renewable energy development and a joint mission to achieve net zero GHG emissions, towards a sustainable future for all,” said ACEN treasurer Cecile Cruzabra.
Earlier, ACEN lauded the Department of Energy (DOE) for its efforts to diversify the clean energy sources in the country, offering full support for their initiatives.
The company also revealed plans to generate 1,100 megawatts (MW) of solar and wind capacity, 700MW of which ought to be functional within the next three to six months.
