ACEN Corp. has signed an P11- billion sustainability-linked loan facility with the Asian Development Bank and the Bank of the Philippine Islands.
In a disclosure to the Philippine Stock Exchange yesterday, the company said the amount will particularly finance solar projects.
“This financing is not just a loan; it is a clear testament of our unwavering commitment to our sustainability ambitions as we set the stage for accelerated growth in the renewables sector,” said Eric Francia, ACEN president and chief executive officer, in a statement.
Cora Dizon, ACEN chief finance officer, said the company’s maiden sustainability-linked loan exemplifies its strategic financing approach “that places environmental, social, and governance initiatives at the forefront.”
In a separate statement, ACEN said it is now a member of the Powering Past Coal Alliance (PPCA), a global coalition of national, sub-national governments and private businesses striving to transition from unabated coal power generation to cleaner, renewable energy sources.
ACEN said its induction into the PPCA aligns with its ambitious targets to reach 20 gigawatts (GW) of renewables by 2030 as well as achieve 100 percent renewable generation by 2025 and net-zero greenhouse gas emissions by 2050 or earlier.
ACEN also signed yesterday a subscription agreement with renewable energy developer Belenos Energy Corp. for shares worth over P200 million.
The company said the agreement is broken down to 22,325,000 common shares with a total par value of P22.32 million and 200,925,000 redeemable preferred shares with a total par value of P200.93 million, to be issued out of the increase in authorized capital stock of Belenos.
ACEN currently has a diversified portfolio of 4.4 GW in renewables with 38 percent or 1.7 GW in operation. – Jed Macapagal
