ACEN INTERNATIONAL, Inc., the global arm of ACEN Corp., secured a $100-million loan from MUFG Bank’s Singapore branch, a major Japanese financial institution, to fund its renewable energy projects.
The amount will be used to support existing and future renewable energy projects overseas, ACEN said in a regulatory filing on Monday.
Currently, the company has a total of 7 gigawatts (GW) of attributable renewable energy capacity across operational, under-construction, and committed projects.
Its portfolio covers the Philippines, Australia, Vietnam, India, Indonesia, Laos, and the United States. The company aims to expand its capacity to 20 GW by 2030.
As part of this growing portfolio, ACEN is focusing on its existing and developing power projects with a total capacity of 2,100 megawatts (MW) in India.
“India has become a cornerstone of our regional renewables strategy,” ACEN International Chief Executive Officer (CEO) Patrice Clausse said in a statement.
“Its ambitious target of 500 GW of renewable capacity by 2030, along with a supportive policy environment, provides a strong platform for long-term investment and collaboration.”
Since expanding its presence in India in 2019, ACEN has entered into major partnerships with Singapore-based UPC Renewables and Yanara, formerly BrightNight India.
These projects include 630 megawatts of direct current (MWdc) already operating and a robust pipeline under development across Rajasthan, Karnataka, Gujarat, Maharashtra, and Madhya Pradesh.
“Our collaboration with ACEN in India and the Philippines, and the forward-looking approach of both governments, showcases the power of a truly enabling ecosystem,” said Yanara CEO Jerome Ortiz.
Mr. Ortiz added that the company is preparing for a multi-gigawatt portfolio to accelerate energy transition and electrification.
“India is fast emerging as a global leader in clean energy with its visionary leadership and decisive action. This remarkable progress is built on an enabling policy framework, international cooperation, and a dynamic investment environment,” said UPC Renewables India CEO Alok Nigam.
In a separate disclosure, ACEN announced the postponement of the P30-billion stock rights offering (SRO) “due to the revised scheduling of the group’s capital expenditures in several of its markets in Southeast Asia.”
When asked for further details, the company said no new timeline has been set and the board will make a recommendation in due course.
In April, ACEN announced plans to issue up to P30 billion worth of common shares at P2.30 per share in September.
“It is to support the continued expansion of our renewable projects. And then, for flexibility, we also put down some use of proceeds, which is potentially also to pay down debt,” said ACEN President and Chief Executive Officer Eric T. Francia.
The primary common shares for the SRO will come from ACEN’s current unissued common shares and an increase in authorized capital stock. ACEN increased its authorized capital stock by P10 billion to P58.4 billion.
In the same disclosure, the company said it has secured new credit facilities with ING Bank and Deutsche Bank for working capital and general corporate requirements. — Sheldeen Joy Talavera