ACEN-Citicore JV secures P2.59-B loan for solar operations

ACEN CORP. and Citicore Solar Energy Corp.’s joint venture (JV) Greencore Power Solutions 3, Inc. has secured a P2.59-billion loan from the Development Bank of the Philippines (DBP), aimed at supporting the Pampanga solar plant and its renewable energy operations, the companies said.

ACEN and its subsidiary ACEN Global Development Group, Inc. have signed an omnibus loan and security agreement with DBP to act as sponsor and share collateral guarantor for Greencore 3, according to a regulatory filing on Thursday. Citicore Solar will serve as sponsor and collateral grantor for the loan.

Greencore 3 operates the 115.671-megawatt Arayat-Mexico Photovoltaic Solar Power Plant in Pampanga.

The facility began full commercial operations in August 2022 and currently supplies electricity for over 19,450 households.

ACEN also plans to subscribe to additional shares in Greencore amounting to P859.11 million to help the joint venture meet its financial obligations.

The transaction involves the purchase of 2.41 million common A shares at P1 each and 41.97 million redeemable preferred A shares at P20.41 apiece.

ACEN said the subscription is part of a planned increase in Greencore 3’s authorized capital stock, pending approval by the Securities and Exchange Commission.

The Pampanga solar plant is part of ACEN’s 7.1-gigawatt renewable energy portfolio across the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States.

The company has earmarked over P80 billion in capital expenditure for 2026 to support its renewable energy pipeline. — Sheldeen Joy Talavera