Banks lend ?34.41B for Acen's wind power build

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Mon, March 31, 2025

[ Mon, Mar 31st ]: BusinessMirror
Category: Business and Finance

Banks lend ?34.41B for Acen's wind power build

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Banks lend ?34.41B for Acen's wind power build

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^{Published in Business and Finance on Monday, March 31st 2025 at 11:21 GMT by BusinessMirror}

ACEN Corp. recently disclosed it is borrowing from local banks to partly finance the P70-billion wind power project of its subsidiary, Giga Ace 6 Inc. ACEN said in a disclosure to the local bourse on Monday that an Omnibus and Security Agreement (OLSA) worth P34.

The article from BusinessMirror reports that banks have provided a loan of P34.41 billion to ACEN Corp. for the construction of its 440-megawatt (MW) wind power project in Pagudpud, Ilocos Norte. This financing, which includes a P27.7 billion green loan, is part of ACEN's strategy to expand its renewable energy capacity. The project, known as the Pagudpud Wind Project, is expected to be one of the largest onshore wind farms in the Philippines and will significantly contribute to the country's renewable energy goals. The funding was arranged by a consortium of banks including Bank of the Philippine Islands, Security Bank Corp., and Rizal Commercial Banking Corp., highlighting the growing interest in sustainable investments in the region.

Read the Full BusinessMirror Article at:
[ https://businessmirror.com.ph/2025/03/31/banks-lend-%E2%82%B134-41b-for-acens-wind-power-build/ ]

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