ACEN gets fresh capital for Aussie expansion

ACEN Corp., the listed renewable energy arm of the Ayala Group, has successfully acquired AU$150 million in fresh funding through its unit, ACEN Australia.

In a stock report on Wednesday, ACEN said the new capital injection will primarily support the expansion of its renewable energy projects in Australia, which currently stands as the company's second-largest market after the Philippines.

ACEN Australia secured an AU$ 75 million green term loan each from Australia and New Zealand Banking Group Limited and Westpac Banking Corporation, or Westpac, under a four-year tenor.

David Pollington, ACEN Australia's managing director, said the green term loan from ANZ and Westpac “is an important step for ACEN Australia.”

“It's a vote of confidence in our strategic direction and capacity to deliver on the promise of renewable energy. Our focus remains on the responsible deployment of capital to ensure the timely delivery of our projects whilst striving for operational excellence. We are building on our track record as we significantly contribute to Australia's renewable energy transition,” Pollington said.

Meanwhile, for ACEN treasurer Cecile Cruzabra, a partnership with Australian financial institutions will significantly help the company deliver a “renewable-powered Australia and a cleaner planet.”

ACEN has expanded its Australian portfolio to more than one gigawatt, or GW, of operational and under-construction large-scale renewable energy generation capacity. It has a development pipeline of over 8 GW for solar, wind, battery, and pumped hydro projects across the country.

In March 2023, ACEN Australia inaugurated its first operational project, Stage 1 of New England Solar.

The 936 MWdc (720 MWac) New England Solar is one of Australia’s largest solar and battery energy storage projects.

The platform's second development, the 520 MWdc (400 MWac) Stubbo Solar in the NSW Central West Orana Renewable Energy Zone, is currently under construction.

Later that year, in May, ACEN Australia secured 20-year Long Term Energy Service Agreements for two of its solar projects as part of the NSW government’s first renewable energy and storage auction.