ACEN Corporation, the Ayala Group’s registered energy platform, is providing its subsidiary, ACEN Cayman, a corporate guarantee supporting loans totaling $320 million.
In a disclosure to the Philippine Stock Exchange, ACEN confirmed that it had completed corporate guarantee policies of $180 million to Rizal Commercial Banking Corporation and $140 million to the Philippine National Bank (PNB).
Furthermore, the redemption of the preferred stocks would be the purpose of the loan that ACEN Cayman would acquire. In its disclosure, the corporation shared that “This loan obtained by ACEN Cayman shall be used to redeem the redeemable preferred shares held by AC Energy Finance International Limited (“ACEFIL”) in ACEN Cayman.”
ACEFIL would then utilize the earnings to pay off its green bonds.
In a report by the Philippine Star, ACEN aspired to become the biggest registered renewables platform in Southeast Asia, to achieve renewable energy (RE) capacity of 20 gigawatts (GW) by the year 2030.
Approximately 4,500 megawatts (MW) of attributable capacity are currently under ACEN’s belt.
