Ayala-led ACEN Corp. has extended a P900-million loan to its subsidiary, which is developing a 553-megawatt (MW) onshore wind farm across Laguna and Quezon.
In a regulatory filing yesterday, ACEN said it executed a short-term loan agreement with its wholly owned unit, Giga Ace 6 Inc. (GA6), the company behind the P70-billion Quezon North Wind Power Project.
GA6 is developing the wind facility in phases, with Phase 1 targeted for completion by the fourth quarter of 2026 and Phase 2 expected to follow by the end of 2027 or early 2028.
Quezon North Wind, straddling Mauban and Real in Quezon and Paete and Kalayaan in Laguna, is expected to generate about 1,730 gigawatt-hours of clean power annually upon completion.
Earlier this year, the ACEN Group signed a P34.41-billion senior green term loan facility with Bank of the Philippine Islands, BDO Unibank Inc. and Rizal Commercial Banking Corp. to partially finance the wind project.
ACEN and ACEN Global Development Group acted as sponsors, share security grantors and guarantors, while GA6 served as the borrower, mortgagor and grantor.
Apart from Quezon North Wind, ACEN, through subsidiary Gigawind4 Inc., also plans to develop the 247-MW Banahaw Wind Power Project in Tayabas, Quezon.
With a project area of 4,536 hectares, the wind facility consists of 38 wind turbine generators with a standard rated power of 6.5 MW each.
Currently, ACEN’s portfolio in the Philippines includes close to 1,000 MW of wind capacity, spanning operational and under-construction projects.
As the Ayala Group’s listed energy platform, the company is one of the country’s leading power producers, accounting for 5.2 percent of the market or around 1.48 million kilowatts in capacity.