ACEN secures up to P15-B loan to fund renewable energy projects

ACEN CORP., the Ayala group’s energy company, has secured a loan of up to P15 billion from the Metropolitan Bank and Trust Co. (Metrobank) to finance its existing and new renewable energy projects, including solar and wind farms.

The loan agreements were approved at a special board meeting on Dec. 12, the company said in a disclosure on Monday.

Last week, ACEN’s joint venture with Citicore Solar Energy Corp. also obtained a P2.6-billion loan from the Development Bank of the Philippines (DBP) to support operations of a 115.671-megawatt (MW) solar power plant in Mexico, Pampanga.

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 Power Solutions 3. Citicore Solar will serve as sponsor and collateral grantor for the loan.

ACEN currently manages a renewable energy portfolio of 7.1 gigawatts across the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States.

For 2026, the company has earmarked more than P80 billion in capital expenditures to fund large-scale projects. Targeted completions next year include the 300-MW Palauig 2 solar project in Zambales, the 153-MW Maharashtra Hybrid project in India, and around 80 MW of solar capacity in Malaysia.

For the first nine months of the year, ACEN reported a 78% year-on-year decline in consolidated net income to P1.8 billion, citing lower spot prices in the Philippines and Australia, weaker solar irradiance in key markets, and offline wind turbines in northern Luzon.

Despite the subdued performance, ACEN President and Chief Executive Officer Eric T. Francia expressed confidence in the company’s forward momentum.

“We remain focused on scaling our renewables portfolio and accelerating investments in energy storage in particular, with a long-term strategy anchored on disciplined expansion, strong partnerships, and delivering sustainable value,” he said.

At the local bourse on Monday, shares of ACEN fell 2.53% to close at P2.70 apiece. — Sheldeen Joy Talavera