ACEN Corp. said its subsidiary ACEN Renewables International Pte. Ltd. (ACRI) has signed its first $100 million (P5.5 billion) green term loan facility from MUFG Bank Ltd.
The company said in a disclosure to the Philippine Stock Exchange yesterday the investment will be directed toward the growth and development of its renewable energy projects abroad.
“This green long-term facility is part of ACEN’s strategic expansion into several international markets including Australia, which stands as the company’s largest market outside of the Philippines,” the company added in its statement.
ACEN said MUFG acted as sole arranger and green loan coordinator for this term loan which operates under a five-year term and is within ACEN’s green finance framework.
The company added the MUFG facility forms part of ACRI’s term fundraising efforts.
This funding will play a pivotal role in accelerating our projects beyond the Philippines, bringing us closer to our goal of a greener, more sustainable future,” said Cecile Cruzabra, ACEN treasurer.
ACEN currently has a diversified portfolio of 4,400 megawatts (MW) in renewables with 38 percent or 1,700 MW in operation.
The company’s operating capacity is expected to grow by 1,000 MW in the next few months.– Jed Macapagal
