Philippines-based ACEN has signed an amended and restated loan and security agreement with Nature’s Renewable Energy Devt. Corp. (NAREDCO) and CleanTech Renewable Energy 4 Corp. (CREC4) to increase the loan facility signed last year by up to ₱ 1.16 billion, with same terms and securities applying.
In a stock exchange filing, it said that the raised funds would be used to fund the remaining requirements of the first phase of the Cagayan North Solar Power project.
It may be noted that in July 2022 that the firms signed a loan and security agreement, where ACEN granted NAREDCO a loan of up to ₱ 1.14 billion. NAREDCO is a special-purpose vehicle for the development of the Cagayan North Solar Power Project, ACEN’s joint venture project with CREC4.
The firm further said that the commercial operations of the solar project will be developed in two phases and are expected to commence in 2024. Phase I will have a 133.46 MW direct current (MWdc) capacity.
In September 2022, ACEN’s board approved the amended project funding to include additional investment in Phase I and the 100-MWdc expansion.
As per the firm, it has a target to be the largest listed renewables platform in Southeast Asia, intending to reach 20 gigawatts of renewables capacity by 2030.