ACEN secures P4.8-B loan for India wind power project
ACEN Corp., the energy arm of the Ayala Group, obtained a P4.8-billion loan to help finance its wind power project in India.
Mitsubishi UFJ Financial Group and Sumitomo Mitsui Banking Corp. facilitated the greenfield financing facility for Diyos Renewables India Project Private Ltd., the project developer under ACEN.
The group said on Wednesday the new capital would “partially fund” the development of Phase 1 of the Bijapur Wind project. This involves 100 megawatts (MW) of generating capacity.
The total project cost was not disclosed.
Set for commercial operations in 2027, the facility has already secured a power purchase agreement with SJVN Ltd., a state-owned firm under India’s Ministry of Power.
“Securing this project finance facility underscores the strong confidence of global financial institutions in ACEN’s renewable energy platform and our disciplined approach to developing high-quality projects,” said Patrice Clausse, president and
CEO of ACEN International.
“The Bijapur Wind project strengthens our growing presence in India and contributes to the country’s accelerating transition to cleaner power systems,” Clausse added.
ACEN said the project supports India’s target of reaching 500,000 MW of renewable energy capacity by 2030.
Last February, ACEN gained a stronger hold of the Indian market as the firm took over its renewable energy business there, with more than 1,000 MW of capacity.
ACEN’s core market is the Philippines. The company is also present in Australia, Vietnam, Lao PDR, and Indonesia.
For 2026, the group has committed to spending more than P80 billion for expansion in renewable energy.
Due to lower power prices and the temporary shutdown of some wind assets in northern Luzon, ACEN realized a 60-percent drop in net income last year. This fell to P3.8 billion from P9.36 billion.
ACEN’s revenues also dropped 14 percent to P32 billion against the previous P37.30 billion.
