ACEN signs up P1.5B loans

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ACEN Corp. has signed P1.5 billion worth agreements that would fund three projects of its subsidiaries.

In separate disclosures to the Philippine Stock Exchange, ACEN said it executed a P500- million term loan facility for Gigasol1 Inc.’s development and capital expenditure

requirements including a 225.91 megawatts (MW) solar project in Zambales; a subscription contract with North Luzon Renewable Energy Corp. (NLR) for the additional subscription by ACEN to 49,540 redeemable preferred shares C of NLR for a total subscription price of P495.4 million and; a subscription contract with Philippine Wind Holdings Corp. (PhilWind) for additional subscription to 50,446 redeemable preferred shares A-3 of PhilWind for a total subscription price of P504.4 million.

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NLR is a joint venture company between ACEN and Diamond Generating Asia Ltd. (DGA), a subsidiary of Mitsubishi Corp. NLR through Amihan Renewables Energy Corp., owns the 70 MW wind farm in Pagudpud, Ilocos Norte. PhilWind is a joint venture holding company between ACEN and DGA. PhilWind is a majority shareholder of NLR.

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