ACEN extends maturity of P4.7-B Greencore loan

By Ed Paolo Salting – December 28, 2024
from The Manila Times

ACEN Corp. on Friday said that its executive committee had approved the extension of the maturity of a P4.7-billion loan provided to Greencore Power Solution 3, a joint venture with Citicore Solar Energy Corp.

The loan will now mature on March 31, 2025, and will remain under the same terms and conditions agreed upon in 2023, the firm said in a filing with the Philippine Stock Ex-change.

Greencore is developing the P2.75-billion Arayat-Mexico Solar project in Pampanga, which has an in-stalled capacity of 116 megawatts. The facility started to operate in August 2022 as part of ACEN’s goal of achieving 20 gigawatts of renewable energy capacity by 2030 both locally and worldwide.

The company has said that it would be allocating roughly P70 billion in capital expenditures next year for various renewable energy projects.

On Friday, ACEN’s share price rose by 5 centavos to close at P4.00 apiece.