The group, headed by AYALA, has accepted the total P10.81 billion financing for a solar energy and a wind power plant, the company told a local stock exchange on Thursday. AC Energy Philippines, Inc. (ACEN).
Its Executive Board also obtained a loan covering 100 percent of the project’s expense to Arayat and Pampanga, Mexico by funding a solar plant project.
The corporation also accepted the P7,48-million wind farm loan for the Pagudpud, Ilocos Norte wind farm project. 70% of the building expenses will be taken up.
ACEN also authorised the preparatory work for the proposed follow-on bid and a special audit to SyCip Gorres Velayo & Co of the rise in permitted capital stock.
Last month, AC Energy CEO Eric T. Francia said it plans to sell its investment in Bataan and in Lanao del Norte coal-fired power plant projects in line with its aim, to deliver more than half of its renewable energy in five years.
Mr. Francia said earlier that renewable financers might reduce their financial costs by engaging in smaller volumes in the ventures.
“The benefit of renewables, I ought to claim, is that unlike a massive thermal plant where you usually spend trillions of dollars, you can make your investments on digestible and rational chunks,” he says in a webinar that was arranged by the Philippine Energy Independence Council and the Philippine Chamber of Commerce on 23 November.