ACEN Corp. has executed a loan agreement with subsidiary Santa Cruz Solar Energy Inc. worth P1.92 billion to fund the capital expenditure requirements of the San Marcelino solar project phase 3 in San Marcelino, Zambales.
In a disclosure to the Philippine Stock Exchange, ACEN said the agreement was executed on Wednesday with Santa Cruz Solar Energy, its subsidiary which also serves as a special purpose vehicle for the development of RE projects in the country.
ACEN said the San Marcelino solar project has three phases with a total capacity of 585 megawatts (MW): 200 MW for the first phase, 101 MW for the second phase and 284 MW for the third phase.
The company said phase 1 and phase 2 of the San Marcelino solar project have been generating power since January but are not in full commercial operations.
Phase 3 is under development and is eyed for completion by fourth quarter next year.
