ACEN Corp., the energy platform under the Ayala Group, has finalized a substantial P5-billion term loan facility agreement with Metrobank, as disclosed in a recent stock exchange filing. The infusion of capital aims to fortify the company’s financial reserves, specifically earmarked for general corporate purposes and bolstering capital expenditures dedicated to advancing ACEN Group’s renewable energy initiatives.
The allocated funds will primarily fuel the expansion of renewable energy projects within the ACEN Group’s portfolio. Notably, ACEN has allocated a substantial range between P50 billion and P70 billion for capital expenditures this year, with a steadfast focus on growing its renewable energy footprint.
In the previous year, ACEN allocated P50.6 billion to accelerate the expansion of its renewables portfolio. This included the commencement of construction for over 1,300 megawatts (MW) of new solar and wind farms across the Philippines, Australia, and India.
ACEN’s overarching objective is to become the foremost listed renewables platform in Southeast Asia, with an ambitious target of achieving 20 gigawatts (GW) of renewables capacity by 2030. Within this ambitious goal, the company aims to allocate eight GW of clean energy projects specifically in the Philippines.
For its Philippine ventures alone, ACEN anticipates necessitating an investment ranging from $6.5 billion to $7 billion in incremental capital expenditure to realize its target of an eight-GW portfolio of clean energy projects by the end of the decade.
Aside from the Philippines, ACEN envisions diversifying its geographic presence by 2030, allocating five GW in Australia, three GW in Indonesia and other markets, in addition to two GW each in Vietnam and India.
Presently, ACEN boasts approximately 4,500 MW of attributable capacity from owned facilities across the Philippines, Australia, Vietnam, Indonesia, and India, maintaining an impressive renewable share of 98 percent.
Moreover, the company has committed to transitioning its entire generation portfolio to 100 percent renewable energy by 2025, aligning with its ultimate goal of becoming a net-zero greenhouse gas emissions company by 2050.
