Acen gets $150-M loan to back overseas projects

Acen Corp., the Ayala Group’s listed energy platform, secured a $150 million (about P8.54 billion) funding from Sumitomo Mitsui Banking Corp. to support investments across the Asia-Pacific region.

In a disclosure on Tuesday, Acen said the “green” term loan facility—obtained by its subsidiary ACEN Renewables International from the Japanese lender’s Singapore branch—will finance renewable power projects in the region.

“This benchmark deal not only lends support to our momentum in expanding our international business, but is also a testament to the faith our banking partners place in our ability to execute on our vision,” Acen treasurer Cecile Cruzabra said.

Further, the Ayala unit said the five-year loan would enable its strategic expansion into several key international markets, including Australia.

“This financing is a continuation of our partnership with Acen across multiple renewable projects in the region, commencing with their first overseas project in Indonesia some years back,” said Zia Azeez, head of renewables at SMBC’s utilities and infrastructure sector unit in Asia.

This is the latest green term loan facility that Acen has tapped in line with its ambition to achieve 20 gigawatts of renewable capacity under its belt by 2030.

To date, Acen has 4,800 MW of renewable energy capacity in operations and under construction across its key markets in the Philippines, Australia, Vietnam, India and Indonesia.

Earlier, Acen also secured a green term loan of 150 million Australian dollars from multinational financial services companies Australia and New Zealand Banking Group Ltd. and Westpac Banking Corp. INQ