ACEN guarantees P1.4-b loan of San Carlos Solar Energy

By Alena Mae S. Flores – May 20, 2024, 7:35 pm
from manilastandard.net

ACEN Corp. said Monday it acted as guarantor to the P1.4-billion loan of subsidiary San Carlos Solar Energy Inc. (SACASOL).

SACASOL is the owner and operator of the 45-megawatt solar photovoltaic power plant in San Carlos, Negros Occidental.

ACEN said in a disclosure to the stock exchange it executed a guarantee agreement in favor of lender BDO Unibank Inc. for SACASOL’s loan.

Meanwhile, ACEN said it executed a short-term loan agreement with its wholly-owned subsidiary Giga Ace 3 Inc. for P436.6 million.

ACEN said the advances to be made to the Giga Ace 3 is part of the group’s cash management optimization.

ACEN announced recently that it was looking at capital expenditures amounting to P72 billion this year to roll out its domestic and international renewable energy portfolio.

It allocated bulk of the capex amounting to P40 billion for its Philippine power businesses.

These local projects include the 283-MW San Marcelino solar project in Zambales, the 300-MW phase 2 of the Palauig solar also in Zambales and the 335-MW wind power projects in the provinces of Laguna and Quezon.

The company is looking at overall spending of $15 billion to realize its 20-gigawatt (GW) target by 2030.

ACEN has over 3.3 GW of capacity in operations and under commissioning and about 1.5 GW of capacity under construction.

It also signed agreements or won competitive tenders worth over 1 GW of capacity, which effectively surpasses the company’s goal of reaching 5 GW of renewables by 2025, or almost two years ahead of schedule.