AC Energy agrees HSBC debt for 160-MW wind farm in the Philippines
Wind farm in the Philippines. Author: Paolo Dala. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.
March 16 (Renewables Now) - Philippine-based AC Energy Corp (PSE:ACEN) will use debt from HSBC Holdings Plc (LON:HSBA) to partly fund the construction of a 160-MW wind farm in the northern Philippine province of Ilocos Norte.
The financing will be provided under the first sustainable commercial Letter of Credit (LC) for the local arm of HSBC, the UK lender said on Tuesday. The size of the debt facility was not disclosed.
The fresh capital will benefit AC Energy’s PHP-11.4-billion (USD 218.2m/EUR 198.4m) Pagudpud project on Luzon island, which is set to create the largest wind farm in the Philippines. The 32-turbine plant is scheduled to go online in the last quarter of this year, while full commercial operations are planned to be launched in 2023. Its power output is estimated to be roughly 504 GWh per year.
AC Energy, the listed energy platform of the Ayala Group, has more than 3,000 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India and Australia. The company is also developing an 18,000-MW renewable energy pipeline organically and with partners across the Asia Pacific.
AC Energy aims to reach 5,000 MW of renewables capacity by 2025.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.