ACEN Corp. said Monday said it issued corporate guarantees to Philippine National Bank and Rizal Commercial Banking Corp. which lent $320 million to ACEN Cayman, one of its international units.
ACEN said in a disclosure to the Philippine Stock Exchange it issued corporate guarantees in support of ACEN Cayman to PNB for $140 million and RCBC for $180 million on Jan. 12, 2024.
“This loan obtained by ACEN Cayman shall be used to redeem the redeemable preferred shares held by AC Energy Finance International Limited [ACEFIL] in ACEN Cayman; the proceeds will in turn be used by ACEFIL to redeem its maturing green bonds,” the company said.
ACEN, the listed energy platform of the Ayala Group, is developing new renewable energy projects in its core market, the Philippines, and across the region, utilizing various capital-raising initiatives to strengthen the company’s balance sheet.
ACEN last month signed an P11 billion sustainability-linked loan facility with the Asian Development Bank (ADB) and the Bank of the Philippine Islands (BPI).
Its subsidiary ACEN International Inc. also signed a loan agreement with RCBC worth P7 billion.
ACEN through ACEN Renewables International Pte. Ltd (ACRI) also secured an Au$75 million (P2.743 billion) green term loan with the Hongkong and Shanghai Banking Corp. Ltd. (HSBC).
The company has about 4,500 megawatts of attributable capacity from owned facilities in the Philippines, Australia, Vietnam, Indonesia and India, with a renewable share of 98 percent, which is among the highest in the region.
ACEN aims to become the largest listed renewables platform in Southeast Asia, with a goal of reaching 20 gigawatts of renewables capacity by 2030.
In photo (from L-R): Eric Francia, ACEN president & CEO; Jonathan Back, ACEN CFO; Cecile Cruzabra, ACEN treasurer; Patrice Clause, ACEN chief investment officer; Ma. Esther Ricalde, RCBC first vice president; Jose Rene Sarmiento; RCBC head of conglomerates section/senior VP; Elizabeth Coronel, head of corporate banking group/executive VP; Eugene Acevedo, RCBC president & CEO
