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
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 Project.