AC Energy Corp. signed last June 25, 2021 an omnibus loan and security agreement as lender of up to P1 billion to Provincia Investments Corp. and Solar Philippines Power Project Holdings Inc. to finance the acquisition of project sites for solar power projects.
In a disclosure to the Philippine Stock Exchange, AC Energy said Provincia Investments is the borrower while Solar Philippines served as sponsor.
“Under the agreement, the company, as lender, will be extending a term loan facility to the borrower in the amount of up to P1 billion. The loan will be secured by a real estate mortgage over the borrower’s and third-party mortgagors’ title or rights and interests over real assets in favor of the company and from a mortgage and pledge over the shareholding of the sponsor in one of its fully-owned subsidiaries,” AC Energy said.
Last January, AC Energy approved a joint venture with Solar Philippines Holdings for the development and construction of solar projects in the Philippines after subscribing to primary shares and purchasing of secondary shares from the latter’s subsidiary, Solar Philippines Central Luzon Corp.
