ACEN Corp. has authorized its subsidiary, ACEN Renewables International Pte. Ltd. (ACRI), to enter into an agreement with Singapore-based firm Yoma Strategic Holdings Ltd. and its wholly-owned subsidiary, Yoma Strategic Investments Ltd. (YSIL), to restructure YSIL’s outstanding loan worth $27 million (P1.51 billion) inclusive of interest with ACRI.
In a disclosure to the Philippine Stock Exchange, ACEN said ACRI made available a $25- million (P1.4 billion) facility to YSIL, guaranteed by Yoma, to fund the rollout of the micro grids for telecommunications towers by Yoma Micro Power Pte. Ltd. (YMPS).
YMPS is Yoma’s joint venture with Norfund, International Finance Corp. and the YMPS founder.
Under the restructuring agreement, YSIL will purchase the loan from ACRI, payable within a 10-year period, with a Yoma parent guarantee.