MANILA, Philippines — ACEN Corp., the listed energy platform of the Ayala Group, is looking to raise P11 billion from its first sustainability-linked loan, which will help boost solar energy capacity in the country.
ACEN signed the sustainability-linked loan facility with the Asian Development Bank (ADB) and the Bank of the Philippine Islands, underscoring the company’s integrated sustainability approach and commitment to renewable energy development.
The loan, which includes a partial credit guarantee by ADB, will fund ACEN’s solar projects.
“This financing is not just a loan. It is a clear testament of our unwavering commitment to our sustainability ambitions as we set the stage for accelerated growth in the renewables sector,” ACEN president and CEO Eric Francia said.
Francia said the loan is an instrumental step toward the company’s ambitious target of reaching 20 gigawatts (GW) by 2030.
ACEN currently has about 4,500 MW of attributable capacity.
The loan aligns with ACEN’s aspiration to become the largest listed renewables platform in Southeast Asia and will contribute to the development of solar projects.
“ACEN’s maiden sustainability-linked loan exemplifies our strategic financing approach, one that places environmental, social, and governance (ESG) initiatives at the forefront. This loan aligns with our priorities and enables us to consistently invest in sustainable energy infrastructure towards our net zero transition goal,” ACEN chief finance officer Cora Dizon said.
In line with the company’s commitment to renewable energy, ACEN has been inducted as a member of the Powering Past Coal Alliance (PPCA), the first and only global coalition of national, sub-national governments, and private businesses striving to transition from unabated coal power generation to cleaner, renewable energy sources.
ACEN said its inclusion into the PPCA underscores the company’s unwavering commitment to a healthier, cleaner planet, marking a significant stride in the global movement towards a sustainable future.
The PPCA currently comprises over 165 members pivotal in driving global coal phase-out efforts, spanning from North and South America to Europe and Asia Pacific.
Its members include national governments, sub-national governments, and over 70 private sector entities.
“It is an opportune time for ACEN to join PPCA. As ACEN continues to lead pioneering initiatives such as the world’s first market based Energy Transition Mechanism and the recently announced transition credit pilot, there is much benefit to connecting with the PPCA network to further these innovative transition initiatives,” Francia said.