Politics

ACEN secures AU$140-M loan for Australia projects

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ACEN Corp. announced on Thursday that it had secured funding for the company’s projects in Australia.

In a disclosure to the stock exchange, ACEN said that as a guarantor to ACEN Australia, it executed a common provision and a facility agreement between ACEN Australia and MUFG Bank, Ltd., Sydney for a 140-million Australian dollar in long-term revolving green loan facility.

In the company disclosure dated July 25, ACEN said that projects of ACEN Australia have an aggregate amount of 1 billion Australian dollars, with the initial issuance of up to 622 million Australian dollars.

On Aug. 18, ACEN secured a 100-million Australian dollar green long-term revolving loan from DBS Bank Ltd. through common provisions and facility agreements.

The company said that the loan will provide financing for its eligible assets in Australia as part of ACEN’s goal to increase renewables capacity to 20 gigawatts by 2030.

On Thursday, shares in the company gained two centavos to close higher by 0.29% or P6.90 apiece. — Ashley Erika O. Jose