Ayala-led ACEN Corp. has executed a loan agreement and credit facility of P17.5 billion with state-run Land Bank of the Philippines (Landbank) to fund its clean energy projects.
In a stock exchange filing yesterday, ACEN said the agreements included an P8-billion loan and a P9.5-billion credit facility, which reallocated the balance of its existing P20-billion credit line with Landbank.
A loan agreement is a one-off deal between a lender and a borrower, while a credit facility may include several loan tranches.
This follows Landbank’s approval in November 2023 of a P20-billion loan to partially finance ACEN’s general corporate requirements and investments in renewable energy projects.
In another development, ACEN has forged a supply deal with Siena College to power the latter’s campuses in Quezon City and Taytay, Rizal with 100 percent renewables.
Through ACEN RES, the retail electricity supply arm of ACEN, the campuses are projected to collectively displace roughly 290 tons of carbon emissions monthly.
‘By embracing renewable energy, we are not only embodying our values but also keeping our operations more efficient,’ said Sister Rosalea Busilac, president of Siena College of Taytay.
‘This efficiency allows us to channel more resources directly into enhancing the learning experience and expanding access to education, reinforcing our mission to serve,’ she said.
Sister Maria Celia Varon, president of Siena College of Quezon City, said the supply agreement with ACEN RES affirmed the Catholic school’s sustainability commitment.
‘Beyond our ecological responsibility, this partnership also optimizes our energy costs, enabling more efficient operations so we can continue to provide high-quality education that remains within the reach of many students,’ Varon added.
In recognition of Siena College’s transition to clean power, ACEN RES awarded the campuses with a ‘Powered by Renewable Energy’ badge, a proprietary seal granted to businesses and institutions that have embraced RE.
‘We are honored that Siena College’s (campuses) have placed their trust in ACEN RES as their renewable energy partner. ACEN RES lauds Siena College for making the right choice, setting a powerful example for other academic institutions nationwide,’ said Tony Valdez, ACEN senior vice president for market transformation.
Earlier, Mapúa University tapped ACEN RES to supply clean energy to its campuses in Manila and Makati.
ACEN has also onboarded the Philippine Cultural College as its first customer under the government’s retail aggregation program, powering the Filipino-Chinese school’s five facilities across three campuses.