Ayala-led ACEN Corporation intends to obtain Php 8 billion through new credit facilities to aid in its expansion endeavors.
The energy firm, in its disclosure to the Philippine Stock Exchange, announced that its board has approved the execution and availment of credit facilities with China Banking Corporation, with a maximum amount of Php 5 billion.
A $50 million omnibus credit line with Mitsubishi UFJ Financial Group was also approved by the company’s board and executed.
Ayala Group’s energy platform, ACEN, has allocated Php 50 to Php 70 billion for its capital expenditures this year to drive the expansion of its renewable energy (RE) portfolio.
The energy firm spent Php 50.6 billion in 2022 for its capex to advance its renewable expansion by embarking on the construction of new solar and wind farms in the Philippines, India, and Australia with a combined capacity of 1,300 megawatts (MW).
To achieve their RE goals in the Philippines, ACEN anticipates requiring approximately $6.5 to $7 billion in additional capital expenditures. This investment is aimed at establishing a portfolio of at least eight gigawatts (GW) or 8,000 megawatts (MW) of renewable energy projects by the end of the decade.
ACEN is working on reaching 20 gigawatts (GW) in renewable energy capacity by 2030.
The company currently has a net attributable capacity of 4,000 MW, with 98% coming from renewable energy.