The Cagayan North Solar Project will receive increased funding after ACEN Corporation increased its loan to cover the remaining requirements of its first phase, the Ayala-led company said in a disclosure to the Philippine Stock Exchange.
In a report by the Philippine Star, a modified and restated loan and security agreement amounting to PHP 1.16 billion was signed by ACEN with Natures Renewable Energy Devt. Corp. (NAREDCO) and CleanTech Renewable Energy 4 Corp. (CREC4).
The first phase of the project will have a capacity of 133.46 megawatt-direct current (MWdc).
Last year, these parties also formalized a similar agreement, where ACEN extended a loan of Php 1.14 billion to NAREDCO.
The solar farm project in Cagayan, a joint venture between ACEN and CREC4 with NAREDCO as its special-purpose vehicle, is proposed to be operational in two phases, both anticipated to commence by 2024.
Last September 2022, the project was granted approval for its revised funding proposal and will be allotted additional investment and a 100-MWdc expansion.
ACEN owns a renewable share of 98% of its 4,200 MW attributed capacity from facilities in Australia, Indonesia, India, Vietnam, and the Philippines.