ACEN signs P20-B term loan facility

ACEN signs P20-B term loan facility

AYALA-LED ACEN Corp. has signed a term loan facility worth P20 billion, the energy company said on Wednesday.

In a stock exchange disclosure, the company said the loan is part of the “modifications and entry into a sustainability-linked loan facility with Asian Development Bank and the Bank of the Philippine Islands.”

The loan facility was approved on March 7, along with the procurement of additional credit facilities of up to P32 billion.

Last month, ACEN also secured a P5-billion loan from the Metropolitan Bank & Trust Co. that it will use for “general corporate purposes, including but not limited to capital expenditures for RE (renewable energy) projects of the ACEN Group.”

In the third quarter, the company reported an attributable net income of P2.33 billion, up 20.5% from the P1.94 billion in the same period last year.

To date, ACEN has around 4,430 megawatts of attributable capacity spread across the Philippines, Vietnam, Indonesia, India, and Australia. The energy company is targeting to expand its renewable energy portfolio to 20 gigawatts by 2030.

At the local bourse on Monday, shares in the company went down by 13 centavos or 2.78% to P4.67 apiece. — Sheldeen Joy Talavera