ACEN Corp. on Thursday said its subsidiary had signed its first $100-million green term loan facility with a Japanese banking group to support its overseas expansion.
In a stock exchange disclosure, the listed firm said its Singapore-based unit ACEN Renewables International Pte. Ltd. (ACRI) secured the loan from MUFG Bank, Ltd., which is part of global financial institution Mitsubishi UFJ Financial Group.
“This green long-term facility is part of ACEN’s strategic expansion into several international markets including Australia, which stands as the company’s largest market outside of the Philippines,” the Ayala-led energy platform said.
“The funding aligns with ACEN’s ambitious goal of achieving 20 GW (gigawatts) of renewables by 2030,” it added.
MUFG acted as the sole arranger and green loan coordinator for the loan, which operates under a five-year term, “and is encompassed within ACEN’s green finance framework,” the renewable energy firm said.
The term loan facility forms part of ACRI’s term fund-raising efforts, which have current approvals in place for up to $422 million, with forecast use of the funds in the next two years.
“We are delighted to collaborate with MUFG once again, a move that signals a significant step forward in our mission to expand our renewable energy portfolio globally,” ACEN Treasurer Ma. Cecilia T. Cruzabra said.
“This funding will play a pivotal role in accelerating our projects beyond the Philippines, bringing us closer to our goal of a greener, more sustainable future,” she said.
Randy Loo, MUFG’s Singapore head of global corporate banking, said that the transaction reaffirms its partnership with ACEN.
“We look forward to further leverage our extensive network and expertise in renewables financing in support of its 2030 renewables goal,” the official said.
Currently, ACEN has approximately 4,430 megawatts of attributable capacity spanning the Philippines, Vietnam, Indonesia, India, and Australia.
At the local bourse on Thursday, shares in ACEN closed unchanged at P4.60 apiece. — Sheldeen Joy Talavera
