ACEN inks AUD-277m green loan to boost renewables in Australia

Renewables company ACEN Australia said that it has secured a AUD-277-million (USD 190.3m/EUR 177.5m) green term loan facility with several banks to finance its Aussie pipeline of projects encompassing solar, wind, battery storage and pumped hydro and storage.

Bank of China (BOC) in Manila and Hong Kong, CTBC Bank in Manila and Singapore, and Standard Chartered Bank in Australia made up the lending syndicate.

The proceeds will support the development and construction of ACEN’s projects in Australia, the first of them being the New England solar farm, which is expected to come online by mid-2023.

The latest facility, also the company’s largest, comes on top of several loan transactions executed last year. Together, these loans amount to around AUD 600 million and will be allocated to the development of existing and additional projects in Australia.

All of these loan facilities are guaranteed by the company’s parent group ACEN Corporation (PSE:ACEN), the listed energy platform of Philippine conglomerate Ayala Group.

The work in Australia will contribute to ACEN’s wider goal of growing its renewable energy capacuty to 20 GW by 2030. At present, the group has around 4 GW of attributable capacity from owned facilities in the Philippines, Vietnam, Indonesia, India and Australia. The renewables share of that is 98% and the company intends to take it to 100% by 2025.

(AUD 1.0 = USD 0.687/EUR 0.641)

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