ACEN Corp., the listed energy platform of the Ayala Group, has shelled out P1.92 billion in loans to its wholly-owned subsidiary to help complete the last phase of the 585-megawatt (MW) San Marcelino Solar Project in Zambales. 

The company informed the local bourse operator on Thursday that it signed a loan agreement with Santa Cruz Solar Energy Inc. to fund the capital requirements for Phase 3 of the solar development.

Phase 3 of the project, with a 200-MW capacity, will complete the 284-MW Phase 1 and the 101-MW Phase 2 of the project. 

According to ACEN, the first two phases of the project have already started injecting power supply to the national grid since January. 

Notably, the company refrained from providing any further details regarding the timeline for the completion of the solar venture’s final phase.

Santa Cruz Solar Energy is a special-purpose vehicle for the development of ACEN’s renewable energy projects in the country.

P8.78B raised via loans

Early this month, ACEN through its subsidiary ACEN Renewables International Pte. Ltd., 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 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.