The Asian Development Bank (ADB) and ACEN Corporation have signed a sustainability-linked loan of up to PHP 5.5 billion (USD 100 million) to boost solar energy capacity in the Philippines and support the country’s energy transition goals.
The proceeds will fund ACEN’s solar projects, enabling the generation of at least 450 gigawatt-hours annually, power previously generated through divested coal plants. A total of 277,650 tons of carbon dioxide annually will be avoided by 2029. Sustainability-linked loans incentivize the achievement of sustainable performance goals, in return for a variable or lower interest rate.
ACEN manages a diversified portfolio of large-scale renewable power generation projects in Australia, India, Indonesia, the Philippines, and Vietnam. ACEN is a subsidiary of Ayala Corporation one of the most diversified conglomerates in the Philippines, with interests in real estate, banking, telecom, water, power, infrastructure, industrial technologies, health care, and education.
(Source: ADB)
