ACEN Corp. has earmarked up to P3.85 billion in short-term loans to two wholly owned subsidiaries to accelerate key renewable energy projects in its pipeline.

In a stock exchange report on Tuesday, the listed energy firm said the bulk of the funding—up to P3 billion—will go to Giga Ace 6, Inc., the project company behind the 344.5 megawatts (MW) Quezon North Wind Power Project in Quezon Province. 

Giga Ace 6 is ACEN’s special-purpose vehicle for the P70-billion Quezon North Onshore Wind Project, spanning Mauban and Real in Quezon and Paete and Kalayaan in Laguna. 

The plant is set for completion by the fourth quarter of the year, with an additional 208-MW facility targeted for 2027.

In parallel, ACEN has also extended up to P850 million to Palauig Solar 1 Inc., which is developing the Palauig 1 Battery Energy Storage System (BESS) Project. 

The facility, designed with a capacity of 35 MW or 140 megawatt-hours, will be located adjacent to and integrated with the existing 63 MW direct-current Palauig Solar 1 Plant in Brgys. Salaza and Cauayan, Palauig, Zambales.

By year-end, ACEN expects to operate more than 8 gigawatts of capacity, with roughly 15 percent coming from solar, wind, and BESS projects in the Philippines and overseas. 

Now running entirely on renewable energy, the company is targeting net-zero greenhouse gas emissions by 2050.