MANILA, Philippines — ACEN Corp. has obtained new funds amounting to 50 million euros to fuel its expansion in the renewable energy space.
The company said in a disclosure its subsidiary ACEN International, Inc. sealed a loan agreement. This is with the Manila Branch of The Netherlands-based ING Bank, NV.
“[The funds will] be used to finance and/or refinance investment in and/or advances to existing and future renewable energy projects through its subsidiaries and joint ventures, and for general corporate purposes,” it said.
No other details were provided.
The listed energy unit of the Ayala Group has been gaining the support of foreign banks for its renewables projects.
Last April, the firm raised 750 million Australian dollars from a group of 11 Australian and international banks.
ACEN said the fresh capital would finance its operating clean energy assets and bankroll the development of new ones. These include the 520-megawatt Stubbo solar project in New South Wales.
Projects down under
Separately, ACEN Australia, another subsidiary of the group, reported progress. It secured approval to connect its three renewable energy projects to a major transmission system in New South Wales.
These are the 920-megawatt Valley of the Winds, 600-MW Birriwa Solar, and 600-MW Birriwa battery energy storage.
“Securing access rights for these high-value projects reflects our disciplined, responsible approach to development and strengthens ACEN Australia’s position as a trusted partner in our nation’s clean economy,” said David Pollington, managing director of ACEN Australia.
READ: Ayala’s ACEN cues switch-on of more renewables
“This is a strong vote of confidence in ACEN Australia’s capability to realise the full value of these projects for all stakeholders, and reinforces our long-term commitment to regional investment, job creation and responsible project development across New South Wales and beyond,” he added.
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Aside from the Philippines and Australia, ACEN is also present in Vietnam, India, Lao PDR, and Indonesia.
The group has a renewables portfolio of 7,000 MW. Of this, 3,600 MW are operational and 2,600 MW are being built here and abroad.