ACEN secures €50m loan from ING for renewable energy projects
ACEN Corp, the Ayala group's listed energy platform, has secured a €50-million term loan facility from ING Bank's Manila branch. Proceeds will finance renewable energy investments and general corporate purposes, with ING's Singapore branch acting as agent.
ACEN Corp., the listed energy platform of the Ayala group, has secured a €50-million term loan facility, equivalent to about P3.5 billion, from ING Bank, N.V., Manila Branch to finance renewable energy projects and for general corporate purposes.
In a disclosure to the stock exchange on Tuesday, ACEN said its subsidiary ACEN Investments, Inc. signed the term loan facility with ING Bank, N.V., Manila Branch. ING Bank N.V., Singapore Branch served as agent for the transaction.
The company said the proceeds would be used to finance investments in its pipeline of renewable energy projects and for general corporate purposes. The latest financing follows another €50-million loan extended by ING in May last year to ACEN subsidiary ACEN International, Inc.
ACEN currently has 7.5 gigawatts (GW) of attributable renewable energy capacity from projects in operation, under construction, and covered by signed agreements, according to the company. Its operations and projects span the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States.
ACEN President and Chief Executive Officer Eric T. Francia previously said the company was on track to exceed 8 GW of attributable capacity by the end of the year. For 2026, ACEN has allocated more than P80 billion for capital expenditures to fund projects in the Philippines and overseas.
The company reported attributable net income of P3.9 billion, about five times the P763 million recorded in the same period a year earlier. As funding continued to be deployed to projects under construction, ACEN said its statutory net debt rose to P168.4 billion.
“Amid a continually uncertain environment, our priorities remain clear — protecting our balance sheet, growing our contracted energy sales, and expanding our energy storage asset base,” Mr. Francia said. At the local bourse on Tuesday, ACEN shares rose 2.66% to close at P2.70 apiece.
