ACEN secures $150 million to expand renewable energy in Asia

CEO Insights Asia Team | Friday 05 July 2024

ACEN Renewable Energy Sources International (ACRI) has successfully secured a five-year, $150 million green loan to support its rapid growth across the industry Asia Pacific RegionThis financing was facilitated by a consortium led by CTBC Bank (Philippines) and CTBC Co. Ltd., along with four other banks: Malayan Banking Berhad, Chang Hwa Commercial Bank, Ltd., Land Bank of Taiwan and Mega International Commercial Bank Co., Ltd.

Group Treasurer Cecille Cruzabra said the strong acceptance by leading international financial institutions underlines confidence in ACEN’s solid renewable energy potential. “The participation of various international banks in this transaction, which includes a long-term renewable facility, demonstrates the strong confidence of the financial community in ACEN’s leadership in the renewable energy sector and their full support for our growing potential beyond our domestic market. We are grateful to the lenders for their confidence as we strategically move towards our goal of achieving 20 GW by 2030,” she said.

ACEN is currently operating and constructing renewable capacity totaling approximately 4.8 GW, in addition to signed contracts and successful competitive bidding exceeding 1 GW. Mike Albotra, SVP of the Institutional Banking Group at CTBC Bank (Philippines) Corp., noted, “Introducing ACEN to Taiwanese investors last year paved the way for this much-anticipated transaction, which we are honored to successfully execute. We trust ACEN’s narrative, vision and goal of achieving 20 GW by 2030.”

The banks’ strong support for ACEN underscores their commitment to sustainable development goals and strong desire to mitigate the impact of global temperature rise. Sunny Sng, Head of Corporate Banking at CTBC’s Singapore branch, expressed that the banking consortium is committed to helping ACEN grow its global portfolio.