ACEN Corp., the energy firm under the Ayala Group, has secured a P5-billion loan from Metropolitan Bank & Trust Co. to further expand its renewable energy portfolio.
As per reports, 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. ACEN did not disclose any further details about the loan but noted that it was part of its procurement of P32 billion in loans to fund renewable energy development plans.
In March, ACEN said that its board had approved the procurement of additional credit facilities of up to P32 billion. It is reported that 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.
Earlier this year, ACEN president and Chief Executive Eric Francia announced that the company would earmark up to P70 billion in capital expenditure to accelerate the development of new facilities.
As per the firm, 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.