ACEN Corp. on Friday said that it had lent a combined P9.24 billion to two business units to help fund construction of energy-related projects.
In separate disclosures, ACEN said that it had executed a short-term loan agreement for up to P6 billion with wholly owned Sanmar Solar Inc. and another for up to P3.24 billion with another fully owned subsidiary, GIGA ACE 8 Inc.
The two agreements were signed on Thursday, the company told the stock exchange.
It said SanMar Solar would use the loan to support construction of its 500-megawatt (MW)/1,000-megawatt-hour SanMar Battery Energy Storage System (BESS). Upon completion, the BESS project will be integrated with SanMar’s existing solar plant in Barangay Santa Fe, San Marcelino, Zambales.
GIGA ACE 8, meanwhile, will use the funds for the 300-MW direct current Palauig 2 Solar, Transmission Line and Substation Project located in the adjacent barangay of Salaza and Bulawen in Palauig, Zambales.
No other details about the loan agreements were disclosed.
ACEN is the Ayala Group’s listed energy platform and is said to be one of the fastest-growing renewable energy platforms in Asia-Pacific, with the Philippines serving as its core market and accounting for 35 percent of its capacity.
It also has a significant presence in Australia, Vietnam, India and Laos, along with strategic investments in Indonesia and other markets.
The company currently has around seven gigawatts of attributable renewable energy capacity spanning operational, under-construction and committed projects, based on data from the stock exchange.
ACEN shares on Friday shed P0.03, or 1.1 percent, to settle at P2.70 apiece amid a 0.35-percent rise for the benchmark Philippine Stock Exchange index.