ACEN Corp. is extending a loan of P900 million to its unit to partly finance its onshore wind power project in Quezon province.
‘On October 1, 2025, ACEN executed a short-term loan agreement for P900,000,000.00 with its wholly-owned subsidiary, Giga Ace 6, Inc.,’ it said in a disclosure to the stock exchange Thursday.
Giga Ace 6 is the project company for the Quezon North Wind Power Project, formerly the Isla Wind Project, to be located in the municipalities of Mauban and Real, Quezon, and the municipalities of Paete and Kalayaan, Laguna.
ACEN did not provide further details.
Giga Ace 6 earlier secured a P34.41-billion loan to partly finance the proposed wind power project which will be done in phases. The target completion of the first phase, with an estimated capacity of 344-megawatt peak (MWp), is in late 2026. The second phase, possibly 208 megawatts, could be finished by 2028.
ACEN disclosed in October last year its investment into the Quezon North Wind Power Project Phases 1 and 2, including supporting infrastructure and transmission/connection assets.
Last March, ACEN and units signed an omnibus loan and security agreement with Bank of the Philippines Islands, BDO Unibank, Inc., and Rizal Commercial Banking Corp. for P34.4 billion. The green term loan facility for Giga Ace 6 was guaranteed by its parent, ACEN, and ACEN Global Development Group. ACEN reported in August that its consolidated net income declined by 88 percent year-on-year to P763 million mainly due to a P2.7-billion impairment relating to the relating to the Lac Hoa and Hoa Dong wind farms in Vietnam.
Excluding this one-off booking and the P1.35-billion valuation gain in 2024, net income fell 24 percent over the same period, due to depressed Wholesale Electricity Spot Market prices and increased depreciation effects.
‘Despite these headwinds, attributable renewables output grew 9 percent year-on-year to 3,228 GWh [gigawatt hours], driven by new contributions from international plants.’