ACEN inks P2.59-B loan for Pampanga solar farm
Renewable energy firm ACEN Corp. has formalized a P2.59-billion financing deal to support its solar power venture in Pampanga.
In a disclosure on Thursday, ACEN, acting as sponsor and share collateral grantor, together with its fully-owned subsidiary ACEN Global Development Group Inc., executed an omnibus loan and security agreement on behalf of its joint venture company Greencore Power Solutions 3 Inc. (Greencore 3).
In the agreement, Greencore 3, whose other grantor is Citicore Solar Energy Corp. (CSEC), sealed a loan facility amounting to P2.59 billion.
The agreement was also made with lenders, including the Development Bank of the Philippines (DBP) and DBP Trust Banking Group.
Greencore 3 is a joint venture company of ACEN and CSEC operating a 115.671-megawatt Arayat-Mexico PV Solar Power Plant in Arayat and Mexico, Pampanga.
The Arayat-Mexico Solar Power Plant is a key asset in ACEN’s renewable energy expansion efforts. It is part of a growing portfolio of clean-power facilities across the Philippines.
By providing the loan and acting as a share collateral guarantor, ACEN is underpinning the financing structure for the solar venture, which remains a joint ownership project with Citicore.
The financing deal comes at a moment when ACEN is scaling up investment in renewables, domestically and regionally.
Recent publicly reported moves include the company’s subscription to additional Greencore 3 shares worth roughly P859 million, a move aimed at partly settling outstanding project-related obligations.
ACEN has also committed substantial capital expenditures to fund other clean-energy initiatives.
The company recently announced a plan to allocate over P80 billion in capital expenditures for 2026 to support both domestic and international renewable projects.
By putting its own balance sheet behind joint-venture projects, the company signals confidence in the economic viability of clean energy—even amid changing global energy markets.
For its part, Greencore 3’s Arayat-Mexico Solar Plant has already been operational since 2022, delivering clean power to households in Central Luzon.
