ACEN locks debt to fast track 8-GW Aussie renewables pipeline
Image by ACEN (www.acenrenewables.com)
Philippines-based AC Energy Corp (PSE:ACEN) will obtain AUD 75 million (USD 48.1m/EUR 48.4m) in debt from the Australian government’s green bank to speed up the development of its 8-GW portfolio of Aussie renewable energy projects.
The Clean Energy Finance Corporation (CEFC) has invested in AC Energy’s debt raising initiative that targets some AUD 600 million, the Philippine firm said on Friday. It has earmarked the fresh capital for solar photovoltaic (PV), wind, battery and pumped hydro storage schemes in Australia.
CEFC’s investment comes on the heels of a green loan arrangement with Japan’s MUFG to provide AC Energy with AUD 140 million in debt, as well as an AUD-100-million funding deal with DBS Bank.
ACEN, the listed energy platform of the Ayala Group, has more than 1.5 GW of projects in advanced development in Australia. The company is currently building the 720-MW New England solar park in New South Wales alongside a 50-MW on-site battery system and getting ready to start building the 400-MW Stubbo photovoltaic (PV) farm in New South Wales in January next year.
Globally, ACEN has 18 GW of projects in its development pipeline located across the Asia Pacific region. The company in August set a goal for 20 GW of attributable renewables capacity by 2030, representing a six-fold expansion of its 3.4-GW fleet at the time.
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.