ACEN Corp. said it had secured funds from a term loan facility amounting to P10 billion, the Ayala-led energy company said on Thursday.
In a disclosure to the stock exchange, the company said that it had secured the loan on Wednesday.
The company did not provide additional details on where it intends to use the loan proceeds.
In May, the company said its board had approved the availing of credit facilities amounting to about P7.8 billion from two financial institutions.
ACEN also said it had approved the “execution and availment” of the credit facilities with China Banking Corp. for P5 billion.
The company also said its board had made the same move for $50 million or about P2.8 billion with Japanese bank Mitsubishi UFJ Financial Group, Inc.
ACEN has around 4,200 MW of attributable capacity spread across the Philippines, Vietnam, Indonesia, India, and Australia. The energy company is targeting to expand its renewable energy portfolio to 20 gigawatts by 2030.
The company has also set its ambition to transition its power generation portfolio to fully renewable energy by 2025. It is targeting to reach 20 gigawatts of renewable capacity by 2030.
At the local bourse on Thursday, shares in the company fell by two centavos or 0.38% to end at P5.26 apiece. — Ashley Erika O. Jose