Monte Solar Energy Inc. (Montesol), a subsidiary of ACEN Corp., has successfully obtained a loan facility of up to P600 million to support its operational funding.
ACEN has announced the execution of a comprehensive loan and security agreement, involving its subsidiary Visayas Renewables Corp. as share collateral grantors, and Montesol in the roles of borrower, mortgagor, and grantor. This financial arrangement will contribute to the financing of Montesol’s ongoing operational needs and general corporate purposes, as indicated by ACEN.
Montesol is the proprietor of an 18 MW solar power plant situated in Bais City, Negros Oriental. This solar project has been operational since 2016.
Distinguished as the first solar farm in Negros Oriental, Montesol remarkably completed the installation within a rapid timeframe of approximately 2.5 months or 80 days, from the initial construction phase to commissioning and energization.
ACEN, Ayala group’s listed energy company, is dedicated to expanding its renewable energy capacity to 20 GW by 2030, positioning itself as Southeast Asia’s premier listed renewables platform. Aiming for 5 GW of renewable energy capacity by 2025 or sooner, ACEN is dynamically advancing its expansion goals.
Furthermore, ACEN is committed to fully transitioning its generation portfolio to 100 per cent renewable energy by 2025, with the ultimate aspiration of achieving net zero greenhouse gas emissions by 2050.