ACEN secures P2.59B for Pampanga solar

ACEN Corp. has executed an Omnibus Loan and Security Agreement with the Development Bank of the Philippines (DBP), which allowed it to secure a P2.59-billion loan facility to support its joint venture solar project in Pampanga.

Under the agreement signed on Thursday, ACEN, acting as “sponsor and share collateral grantor,” and its wholly owned subsidiary, ACEN Global Development Group, Inc., “also as sponsor and share collateral guarantor,” joined Greencore Power Solutions 3, Inc. (GPS3) as borrower. 

Citicore Solar Energy Corp. (CSEC) served as “sponsor and share collateral grantor,” while DBP acted as lender, with its Trust Banking Group managing the project accounts.

ACEN said the fresh capital will help Greencore 3 partially settle loan obligations previously extended to finance the solar project.

GPS3, the joint venture between ACEN and CSEC, operates the 115.671-MW Arayat-Mexico PV Solar Power Plant in Pampanga.

To further support the project, ACEN committed about P859 million to subscribe to additional shares in GPS3, reflecting its 45 percent stake. 

The subscription covers 2.41 million Common A shares at P1 each and 41.97 million Redeemable Preferred Shares at P20.41 each, totaling P859.70 million.