ACEN Corporation subsidiary, ACEN Australia, has secured an AU$277 million (about US$191 million) syndicated green term loan facility from major international banks to support ongoing utility-scale renewable energy (RE) projects in the Australian energy market.
In a statement, ACEN said infusion will be used to finance the company’s renewable energy portfolio in Australia, “which will be a significant contributor to the company’s strategic aspiration to grow its renewables capacity to 20 GW by 2030.”
Among these are the development and construction of ACEN’s project pipeline in Australia, such as solar, wind, battery storage, pumped hydropower, and energy storage. Its New England Solar farm, for instance, is expected to be in operation by the middle of 2023.
The syndicated green term loan facility is a component of ACEN’s AU$600 million aim to be utilized in capitalizing Australia’s unmatched renewables potential, and is a continuation of previous transactions completed last year.
According to Anton Rohner, ACEN Australia CEO, the syndicated green term loan facility will be incorporated into the Australian portfolio. “With Stubbo 520 MWDc project reaching Notice to Proceed late in 2022, ACEN continues on the journey in decarbonizing Australia. It is exciting to work with quality financial institutions, and the appetite for quality investments is real.”
The syndicate green term loan involves the Bank of China (BOC) in Manila and Hong Kong, CTBC in Manila and Singapore, and Standard Chartered Bank in Australia.
ACEN Australia is the platform representing ACEN’s renewable energy assets in Australia.