ACEN CORP., the listed energy platform of the Ayala group, has extended P900 million in fresh funds to its subsidiary developing a 553-megawatt (MW) wind farm in Quezon province.
In a regulatory filing on Thursday, ACEN said it has inked a short-term loan agreement with Giga Ace 6, Inc., the project company for the Quezon North Wind Power Project.
Spanning across the municipalities of Real and Mauban in Quezon province, the P70-billion wind farm began construction of the first phase with 334.5 MW, targeted to be completed by the fourth quarter of 2026. The second phase with 208 MW is expected to be finished by the fourth quarter of 2027.
In April, Giga Ace 6 obtained a green term loan facility worth P34.4 billion from the Bank of the Philippine Islands, BDO Unibank, Inc., and Rizal Commercial Banking Corp.
At present, ACEN holds 7 gigawatts (GW) of attributable renewable energy capacity across operational, under-construction and committed projects. It operates in the Philippines, Australia, Vietnam, India, Indonesia, Laos and the US.
The company is aiming to operationalize power projects situated within and outside the Philippines with a combined capacity of approximately 1.2 GW by end of next year.
For the first six months, ACEN saw its net income decline by 88% to P763 million, citing a large impairment from its wind farms in Vietnam.
Revenues decreased by 18.5% to P15.71 billion versus the P19.29 billion generated in the previous year.
ACEN President and Chief Executive Officer Eric Francia cited macro and sectoral headwinds this year as challenges the company continues to face in its energy transition.
“The company’s underlying health and long-term prospects remain robust, and we have been leveraging opportunities to increase contracted capacities and expand investments in energy storage,” he said.
At the local bourse on Thursday, shares improved as the company rose by 0.83% to close at P2.44 each. — Sheldeen Joy Talavera