ACEN Corporation is considering loaning Php 5.5 billion and a partial credit of Php 1.1 billion from the Asian Development Bank (ADB) to help develop solar photovoltaic (PV) projects in the country.
The loan and guarantee would be used for a “sustainability-linked facility with performance indicators on environmental and social matters.”
Furthermore, ADB said that the proposal of ACEN is in line with the firm’s strategy of promoting the participation of the private sector through corporate financing and increasing support for renewable energy (RE).
The firm added that the project would contribute to poverty reduction by providing sustainable and clean electricity while also reducing greenhouse gas emissions (GHG) on top of improving air quality.
The proposal is slated for approval on October 20.
Currently, ACEN has 4,200 megawatts (MW) capacity on its energy belt across Vietnam, India, Philippines, Indonesia, and Australia and is aiming to raise its RE portfolio to 20 gigawatts (GW) by 2030.