ACEN Corp., the power arm of the Ayala Group, has secured fresh capital of 50 million euros, or about P3.5 billion, from a Dutch banking giant for its renewables projects.
In a regulatory filing on Tuesday, the company said it had signed a term loan facility with ING Bank, N.V., Manila Branch. ING Bank N.V., Singapore Branch, acted as agent for the transaction.
The group announced that it will use the new funds to finance and refinance investments in existing and future renewable energy projects through its subsidiaries and joint ventures.
The company will also use a portion of the secured loan for general corporate purposes.
In May last year, the renewable energy producer also inked a 50-million-euro credit facility with ING Bank.
ACEN has been getting backing from foreign financial institutions to support its expansion abroad, including 750 million Australian dollars secured from a group of 11 Australian and international banks in 2025.
For 2026, ACEN is targeting about P80 billion in spending, up from last year’s P55 billion, to fuel its momentum further.
The firm’s core market is the Philippines, but it has also been building its portfolio across India, Australia, Vietnam, Lao PDR, and Indonesia.
At present, ACEN has 7.5 gigawatts of attributable renewable energy capacity from projects that are already operational, under construction, or have signed agreements.
Despite the chaos brought by the Middle East war to key industries, the company kept its growth engine running, as shown by its solid first-half results.
Its bottom line soared more than fivefold to P3.9 billion from P763 million a year ago, driven by strong generation growth and power sales.
‘The growing global emphasis on indigenous renewable energy presents significant opportunities for ACEN,’ Jonathan Back, ACEN CFO and chief strategy officer, previously said.