Ayala-led ACEN Corporation is set to open new credit lines with BDO Unibank, Maybank Philippines Inc., Asia United Bank Corp. (AUB), and CTBC Bank.
In a disclosure to the Philippine Stock Exchange on Thursday, ACEN’s board of directors has granted the authority to “share such credit facilities with its subsidiaries under a co-use arrangement and provide guarantees to its subsidiaries in proportion to its percentage of its interest for the use of such facilities.”
The Ayala company added that its management will take the lead in the “negotiation of terms and upsizing of the company’s term loan with BDO.”
In other developments, the ACEN board also approved the company’s investment in a 60-megawatt peak (MWp) solar plant in Pangasinan by acquiring the project’s special purpose vehicle, Sinocalan Solar Power Corp., as well as the execution of a technical services agreement with Sungrow Power Renewables Corp., subject to agreed conditions precedent and applicable regulatory approvals.
Meanwhile, in Australia, ACEN has committed AUD 800 million for the construction of a 520 megawatt-dc (MWdc) solar farm in the said country. The board has likewise authorized ACEN Australia to enter photovoltaic module supply agreements for the solar project.
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.