ACEN scores $150-M RE buildup booster

ACEN Corp. (ACEN), through its subsidiary ACEN Renewables International Pte. Ltd., has raised $150 million or approximately P8.78 billion in syndicated loans from a consortium of international financial institutions to bankroll its clean energy expansion across the Asia Pacific. 

ACEN informed the local bourse on Friday that it tapped CTBC Bank (Philippines) Corp. and CTBC Bank Co. Ltd. as structuring bank and arranger, respectively. 

CTBC Bank then formed a strategic alliance with Singapore branches of CTBC Bank Co., Ltd., Malayan Banking Berhad, Chang Hwa Commercial Bank, Ltd., Land Bank of Taiwan, and Mega International Commercial Bank Co., Ltd. to raise funds.

According to CTBC Singapore branch head of corporate banking Sunny Sng,  the syndicated loan was supposed to only amount to $100 million but investors “oversubscribed” and closed the transaction at $150 million — demonstrating the growing support for renewable energy (RE) development. 

For ACEN, the five-year syndicated green term loan and revolving credit facility will support its 20 gigawatts (GW) of RE capacity targeted by the end of the decade. 

Net Zero company by 2050

Likewise, it will enable the company to become a Net Zero greenhouse gas emissions company by 2050. 

“The participation of different international banks in this transaction demonstrates the financial community’s strong confidence in ACEN’s leadership in the RE sector and their full support for our growing pipeline outside our home market,” ACEN group treasurer Cecile Cruzabra said.

ACEN is present across the Philippines, Australia, Vietnam, India, Indonesia, Lao PDR, and the United States of America markets.

The company has roughly 4.8 GW of RE capacity in operation and under construction on top of executed agreements and competitive tenders totaling over 1 GW.

In January 2023, ACEN also secured AU$277 million or about P10.93 billion green term loan facility to fund its renewable energy portfolio in Australia. 

The syndicate was also led by CTBC Bank in Manila and Singapore, along with Bank of China in Manila and Hong Kong, and Standard Chartered Bank in Australia.