ACEN unit gets P5.39B green term loan to fund renewable projects in Australia

The Australian subsidiary of Ayala’s listed energy platform ACEN has secured green financing to support projects in Australia.

ACEN, as guarantor to ACEN Australia Pty. Ltd. executed a facility agreement with ACEN Australia and MUFG Bank Ltd. (Sydney branch) for a 140 million Australian dollars (about P5.39 billion)) in green loan facility.

ACEN Australia and MUFG entered into an accession letter to include MUFG as a lender under the common provisions agreement executed by ACEN with DBS Bank last August 18.

Last month, ACEN Australia secured a green revolving loan facility amounting to 100 million Australian dollars from DBS Bank.

The green loan facilities will help advance ACEN’s fund-raising capacity of over 600 million Australian dollars to develop existing and additional pipeline of renewable energy projects in Australia.

ACEN aspires to grow its renewables capacity to 20 gigawatts by 2030. It currently has 4,000 megawatts of attributable capacity in the Philippines, Vietnam, India, Australia and Indonesia.

DOE raises RE utilization percentage for on-grid areas

The Department of Energy (DOE) has increased the percentage of the utilization of renewable energy for on-grid areas from one percent to 2.52 percent in line with the administration’s goal of transitioning towards a sustainable and clean energy future.