ACEN unit secures P34.4B for wind project
A unit of Ayala-led ACEN Corp. has obtained P34.4 billion from three local lenders to help finance the construction of an onshore wind farm straddling the provinces of Laguna and Quezon.
In a disclosure on Monday, the company said its subsidiary Giga Ace 6, Inc. sealed an omnibus loan and security agreement with the Bank of the Philippine Islands, BDO Unibank, Inc. and Rizal Commercial Banking Corporation.
ACEN said the fresh funds would partially support the development of the 553-megawatt (MW) Quezon North Onshore Wind Power project, formerly called Isla Wind.
The project is located in the municipalities of Mauban and Real in Quezon, and Paete and Kalayaan in Laguna.
The first phase of the project, with a capacity of 344.5 MW, is slated to be finished by the last quarter of 2026.
The second part, with a capacity of 208 MW, is targeted for completion by end-2027 or early 2028.
The massive wind facility needed a total P70-billion investment, ACEN noted.
Serving as the energy arm of the Ayala group, ACEN has set its focus on developing 20 gigawatts (GW) of clean energy capacity by 2030. To advance this goal, the company has been aggressive in developing more renewable projects here and abroad.
Some of the projects under construction include the 300-MW Palauig 2 solar farm and the 200-MW San Marcelino solar farm, both located in Zambales.
ACEN expects its 520-MW Stubbo Solar project in Australia to start providing power in the second half of this year. Its 600-MW Monsoon Wind project in Laos is also on course to be operational within the year.
