ACEN Renewables International Pte. Ltd (ACRI), a subsidiary of ACEN CORPORATION (ACEN) based in Singapore, has signed its first USD100 million green term loan facility from MUFG Bank, Ltd. (MUFG), part of leading global financial institution Mitsubishi UFJ Financial Group (MUFG).
This investment will be directed toward the growth and development of ACEN’s renewable energy projects beyond the borders of the Philippines.
This green long-term facility is part of ACEN’s strategic expansion into several international markets including Australia, which stands as the company’s largest market outside of the Philippines. The funding aligns with ACEN’s ambitious goal of achieving 20 GW of renewables by 2030.
MUFG acted as the sole arranger and green loan coordinator for this term loan, which operates under a five-year term, and is encompassed within ACEN’s green finance framework.
The MUFG facility forms part of ACRI’s term fundraising efforts, which have current approvals in place for up to US$422 million, with forecasted use of the funds in the next two years.
ACEN treasurer, Cecile Cruzabra, commented on the partnership: “We are delighted to collaborate with MUFG once again, a move that signals a significant step forward in our mission to expand our renewable energy portfolio globally. This funding will play a pivotal role in accelerating our projects beyond the Philippines, bringing us closer to our goal of a greener, more sustainable future.”
Randy Loo, MUFG’s head of global corporate banking, Singapore, said: “This landmark transaction is a reaffirmation of the partnership between MUFG and ACEN while demonstrating a deepening alignment of our sustainability objectives. We look forward to further leverage our extensive network and expertise in renewables financing in support of its 2030 renewables goal.”
Colin Chen, MUFG’s head of ESG finance for APAC, said: “Renewable energy remains a key component of Asia’s decarbonisation pathway, and in line with MUFG’s leading track record in ESG and renewables financing, an extension of the bank’s comprehensive approach towards transitioning the region to Net Zero. This transaction is not only a landmark for ACEN but brings online much-needed renewable energy capacity that will take us closer to a carbon-neutral future.”
ACEN remains firm in its commitment to lead the charge in the region’s renewable energy landscape. With this new funding, ACEN is poised to achieve its strategic goals and contribute significantly to the race for energy transition.
BusinessNewsAsia.com