ACEN Corp. executed two new financing deals related to its push to develop additional renewable energy capacities.
In a disclosure to the Philippine Stock Exchange yesterday, ACEN said it signed a short term loan agreement with its subsidiary, Giga Ace 3 to provide advances worth P436.64 million as part of efforts under “cash management optimization.”
In a separate disclosure, ACEN said it also executed an agreement to be a guarantor to its subsidiary San Carlos Solar Energy Inc. (Sacasol), for a loan with BDO Unibank Inc. worth P1.4 billion.
ACEN did not detail proceeds of the loan. Sacasol is the owner and operator of a 45 megawatts (MW) solar photovoltaic power plant in San Carlos, Negros Occidental.
ACEN as of end-March has achieved around 4,800 MW in attributable renewables capacity.
Including over 1,000 MW of signed agreements and won competitive tenders, ACEN has already effectively surpassed its goal of reaching 5,000 MW of renewable energy capacity by 2025, almost two years ahead of schedule. Of this capacity, 65 percent is now fully operational.
Apart from the Philippines, ACEN also currently has projects in Australia, Vietnam, Indonesia, Lao People’s Democratic Republic, India, United States and Taiwan.
