ACEN Corp. has secured a P5-billion loan from a local bank to partly fund the Ayala-led energy company’s renewables projects, it said on Monday.
“The proceeds will be used for general corporate purposes, including but not limited to capital expenditures for RE (renewable energy) projects of the ACEN Group,” the company said in a message sent via Viber.
The loan was closed on Friday via a term loan facility with Metropolitan Bank & Trust Co., the company said in a disclosure to the stock exchange.
In March, ACEN said that its board had approved the procurement of additional credit facilities of up to P32 billion.
In August, it obtained a P10-billion term loan through credit facilities with China Banking Corp. of up to P5 billion, and omnibus credit lines with Mitsubishi UFJ Financial Group of up to $50 million.
To date, ACEN has around 4,200 megawatts 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.
At the local bourse on Monday, shares in the company went up by three centavos or 0.58% to P5.21 apiece. — Sheldeen Joy Talavera