ACEN lends P3B to subsidiary
ACEN Corp., part of the Ayala Group, is injecting up to P3 billion into a subsidiary for the development of a wind park in southern Luzon.
In a disclosure on Tuesday, the company said it had signed a short-term loan deal with Giga Ace 6 Inc.
Giga Ace 6 is leading the construction of the Quezon North Wind Power Project, which is designed to have 553 megawatts (MW) of capacity.
Phase 1 of the facility, which is targeted to be finished by late 2026, has a generating capacity of 344.5 MW.
The second phase, meanwhile, will involve 208 MW. Completion is expected by the end of 2027 or early 2028.
The project is located in the towns of Mauban and Real in Quezon province as well as Paete and Kalayaan in Laguna.
Last year, the company also obtained P34.4 billion from the Bank of the Philippine Islands, BDO Unibank, Inc. and Rizal Commercial Banking Corp.
ACEN previously said that the project cost was estimated to reach P70 billion.
Last Monday, the renewable energy developer said it was providing about P850 million in new funds for Palauig Solar 1 Inc. to help finance the 140-megawatt-hour battery energy storage system (BESS).
The storage system will complement the firm’s 63-MW alternating current solar facility.
The BESS, a technology that allows producers to store excess power and release it when the demand peaks, is expected to be finished by 2027.
ACEN’s core market is the Philippines. It also has operations in Australia, Vietnam, Laos, Indonesia and India.
This year, the group is investing more than P80 billion as it rolls out more solar and wind parks.
