ACEN Corp., through its subsidiary in Australia, has secured a 100-million Australian dollar green long-term revolving loan from DBS Bank Ltd. through common provisions and facility agreements.
“The initial green loan facility with DBS will help advance our fund-raising capacity of over AU$600 million in Australia to develop and construct existing and additional pipeline of renewable energy (RE) projects in Australia,” said Anton Rohner, chief executive of ACEN Australia Pty. Ltd. in a media release on Thursday.
ACEN said that the loan will provide capital financing for its eligible green assets in Australia as part of the company’s strategic aspiration to grow its renewables capacity to 20 gigawatts by 2030.
Patrice Clausse, chief operating officer of ACEN’s international business, said: “ACEN is leading the charge with the decarbonization opportunities across Asia and the Pacific. We aim to make a significant impact in this space, and create long-term value for our stakeholders.”
DBS is the arranger and sustainability advisor for the revolving loan facility and will also provide capital financing for ACEN’s eligible green assets in Australia.
Kelvin Wong, managing director and deputy head of energy, renewables, and infrastructure at DBS, said that as the leading bank in sustainable financing, the group is “excited to support ACEN’s continued efforts” to expand its renewables infrastructure to accelerate the transition of the energy industry towards a climate-aligned future.
“Having pledged to achieve net zero financed emissions by 2050, DBS is also committed in supporting like-minded clients like ACEN in the long haul to enhance Asia’s renewable energy mix to realize a low-carbon economy,” he added.
Separately on Thursday, ACEN told the stock exchange that it had executed on Aug. 18 a common provisions agreement and a facility agreement with ACEN Australia and the Australian branch of DBS for the revolving loan.
Ayala-led ACEN said it is the guarantor to ACEN Australia for the loan.
ACEN aspires to be the largest listed renewables platform in Southeast Asia by 2030. It announced in 2021 its commitment to achieving net-zero greenhouse gas emissions by 2050.
The company has around 4,000 megawatts of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia. Renewables account for 87% of that capacity.
On Thursday, shares in ACEN gained P0.05 to close higher by 0.58% at P8.65 apiece. — Ashley Erika O. Jose