ACEN Corp. has executed an amendment to its loan and security agreement with Natures Renewable Energy Development Corp. (Naredco) to finance a 133-megawatt (MW) solar power project in Cagayan, the Ayala-led company announced on Monday.
The energy company, along with Naredco and CleanTech Renewable Energy 4 Corp. (CREC4), has signed an amended and restated loan and security agreement, expanding the loan facility by up to P1.16 billion, it said in a disclosure.
Last year, the parties entered into a loan and security agreement, wherein ACEN provided Naredco with a P1.14 billion loan.
Naredco serves as a special-purpose vehicle for the development of the Cagayan North Solar Power Project, which represents ACEN’s collaborative project with CREC4.
The loan will support the remaining requirements of the first phase of the Cagayan North Solar Power Project, according to ACEN.
The Cagayan North Solar power project, with an installed capacity of 133 MW, is projected to generate electricity for approximately 75,000 households, as stated on its website.
In May, the Ayala group’s listed energy company agreed to subscribe to additional shares in Naredco for P211.49 million, further contributing to the development of Naredco’s solar plant project.
ACEN possesses approximately 4,200 MW of attributable capacity spanning the Philippines, Vietnam, Indonesia, India, and Australia.
The energy company aims to expand its renewable energy portfolio to 20 gigawatts by 2030.
During Monday’s trading session on the local bourse, the company’s shares closed 1.45% lower at P5.42 apiece. — Ashley Erika O. Jose