ACEN lands loan to boost renewables expansion in Australia


The Australian arm of the ACEN Corporation announced that it has secured a combined $150 million (USD 97.4 million) green term loan from ANZ and Westpac with the funding to underpin the expansion of its renewable energy project pipeline in Australia, the company’s largest market outside of the Philippines.

ACEN’s Australian portfolio already exceeds more than 1 GW capacity of large-scale renewable energy generation under construction and in operation, with an additional 8 GW of solar, wind, battery, and pumped hydro projects in the development pipeline.

ACEN Australia Managing Director David Pollington said securing the green term loans, each with a four-year tenor, is a vote of confidence in the company’s strategic direction and capacity to deliver on the promise of renewable energy.

“Our focus remains on the responsible deployment of capital to ensure the timely delivery of our projects whilst striving for operational excellence,” he said. “We are building on our track record as we significantly contribute to Australia’s renewable energy transition.”

Acen has previously outlined plans to invest $6 billion in Australia as part of a broader strategy to expand its renewable energy capacity here and in the wider Asia-Pacific region to 20 GW by 2030.

The company’s Australian projects include the 720 MW New England Solar Farm being developed near Uralla in northern New South Wales (NSW). The 400 MW first stage of the facility is now operational with work on the stage two continuing.

Construction has also commenced on the 400 MW Stubbo Solar Farm being developed in the NSW central west.

Other projects in ACEN’s Australian development portfolio include the 600 MW Birriwa, the 320 MW Narragamba, and the 320 MW Deeargee solar farms, and the proposed 800 MW, 12-hour Phoenix pumped hydro project, all in NSW.

It has also started construction of the 190 MW Axedale Solar Farm in Victoria and has teamed with the Yindibarndi Energy Corporation to develop a 3 GW solar and battery storage project in Western Australia.

ACEN Treasurer Cecile Cruzabra said the company’s partnership with Australian financial institutions like ANZ and Westpac is a clear indication of the growing appetite for sustainable investment opportunities in Australia.

“It underscores the essential role that the financial sector plays in propelling the global shift towards a Net Zero future,” she said. “This green term loan goes beyond funding, it’s an investment in our shared vision for a renewable-powered Australia and a cleaner planet.”

ANZ Executive Director David Simmons said the transaction aligns with the bank’s commitment to finance $100 billion in social and environmental outcomes by 2030.

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