ACEN seals funding for 75-MW solar farm in Australia

ACEN Corp., the listed energy arm of the Ayala Group, is expanding its footprint in the Australian market after securing the needed funds for a new solar farm.

Yindjibarndi Energy Corp. (YEC), a partnership between Yindjibarndi Aboriginal Corp. and ACEN, has reached financial close for a 75-megawatt-alternating curent (MWac) solar facility in the Pilbara region.

ACEN did not disclose the estimated project cost or the partner financial institutions for the fundraising activity.

This development now green-lights the construction works for the solar project. Scaling up the capacity to 150 MWac, including equipping it with battery energy storage systems, is also in the pipeline.

The facility, dubbed Jinbi Solar Project, is expected to be up and running by mid-2028.

Aside from the financial close, YEC also signed a 30-year power purchase agreement with Rio Tinto, a British Australian mining group.

“Jinbi demonstrates what is possible when traditional owner leadership, long-term vision and disciplined project development come together,” Patrice Clausse, group chief investment officer of ACEN, said in a statement.

“ACEN is proud to partner with Yindjibarndi on a project that meets rigorous commercial standards, while setting a strong benchmark for responsible and respectful renewable energy development in Australia,” he added.

YEC is one of Australia’s largest indigenous-led renewable energy initiatives.

It targets to develop a portfolio of up to 3 gigawatts (GW) of renewable energy capacity.

ACEN, meanwhile, is a key renewable energy player here and abroad, with presence in Australia, Vietnam, Lao PDR, Indonesia and India.

By yearend, the Ayala-led firm hopes to hit a capacity of 8 GW.

To finance this goal, ACEN president and CEO Eric Francia said the group was exploring all options to secure fresh funds for the rollout of more power assets. He noted that conducting a stock rights offering, previously targeted at P30 billion, remains on the table.