ACEN secures oversubscribed $150M loan for 20 GW green energy goal

Renewable energy giant ACEN Corp. has received fresh funding from a consortium of international banks to support its plans to build a 20-gigawatt green power portfolio by 2030.

Through its subsidiary ACEN Renewables International Pte. Ltd. (ACRI), ACEN obtained a $150 million (P8.8 billion) five-year syndicated green term loan and revolving credit facility.

The deal, the first green loan facility of ACEN Renewables, was oversubscribed and upsized from the original $100 million target. Proceeds will be used to support its expansion in Asia Pacific. 

“The participation of different international banks in this transaction, which includes a long-term revolving facility, is a demonstration of the financial community’s strong confidence in ACEN’s leadership in the renewable energy sector and their full support for our growing pipeline outside our home market,” ACEN group treasurer Cecile Cruzabra said in a stock exchange filing on Friday.

ACEN's Stubbo Solar project in New South Wales, Australia is currently under development. (Courtesy of ACEN)

International consortium

CTBC Bank (Philippines) Corp. and CTBC Bank Co. Ltd. acted as structuring bank and arranger, respectively.

They formed a strategic alliance with five banks: Singapore branches of CTBC Bank Co. Ltd., Malayan Banking Berhad, Chang Hwa Commercial Bank Ltd., Land Bank of Taiwan, and Mega International Commercial Bank Co. Ltd.

2030 goal

“CTBC is deeply honored to be trusted by ACEN Corp. to lead and arrange ACRI’s first syndicated green loan facility,” said Sunny Sng, CTBC Singapore branch head of corporate banking 1.

“Together, the bank syndicate is committed to supporting ACEN in growing its international portfolio and to achieve ACEN’s goal of 20 GW of renewable capacity by 2030,” he said.

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Wednesday, 17 July 2024
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