ACEN seals AUD750M renewables deal

ACEN Australia, a subsidiary of Ayala-backed ACEN Corp., has completed a AUD750 million portfolio debt financing deal to support both its operating renewable energy assets and the development of new projects across the country.

In a stock exchange report on Tuesday, the company said the financing will back the near-complete 520-megawatt direct current (MWdc) Stubbo Solar project in New South Wales, and follows the first generation from Stage 1 of the 521 MWdc New England Solar project, which began operations in 2023.

Funding platform strengthened

“This transaction strengthens our funding platform, accelerates our delivery pipeline, and positions us as a capable partner backed by a stable and diverse capital base,” said Phillip Mak, ACEN Australia’s chief financial and investments officer.

A group of 11 leading Australian and international banks participated in the deal, expanding ACEN Australia’s network of financial partners and reflecting market confidence in its performance and growth strategy.

The lenders involved in the transaction include ANZ, Commonwealth Bank of Australia, CTBC Bank’s Singapore and Philippines branches, Cathay United Bank, Deutsche Bank, DBS, HSBC, MUFG Bank, Sumitomo Mitsui Banking Corporation, UOB and Westpac.

Macquarie Capital and Morgan Stanley acted as joint financial advisers to the transaction. Legal advice was provided by Allens for ACEN Australia and Herbert Smith Freehills for the lenders.

Financing

For David Pollington, ACEN Australia managing director, the financing enables the company to further expand its portfolio, which spans wind, solar, pumped hydro, and battery storage projects.

“Our ability to attract top-tier financial partners reinforces our position as a trusted, long-term developer, owner and operator of assets, and reflects growing investor appetite for high-quality, renewable infrastructure in Australia,” Pollington said.