EconomyEditor's PickACEN solar farm in Australia set to start operating next year

September 20, 2022

ACEN CORP. announced on Tuesday that its New England solar farm project in Australia is expected to commence operation by 2023, making it the Ayala-led firm’s first running project in that country.

In a disclosure, the Ayala-led listed energy company said that the projects of ACEN Australia are currently under development. These include solar, wind, battery, pumped hydro and energy storage.

ACEN Australia is the platform representing ACEN’s renewable energy assets in Australia.

“The New England Solar farm, the first of these projects, is expected to be in operation by 2023,” ACEN said.

Once fully constructed, the solar farm project is said to produce enough energy to power approximately 250,000 households annually.

On its website, ACEN said that the project is a combined 720-megawatt (MW) solar and 400-MW-hour  battery.

In the company’s disclosure on Sept. 15, ACEN said that as a guarantor to ACEN Australia, it executed a common provision and a facility agreement between ACEN Australia and MUFG Bank, Ltd. in Sydney for a long-term revolving green loan facility amounting to 140 million Australian dollars.

The disclosure quoted Manoj S. Bhatia, MUFG Bank’s global head of subsidiary banking, as saying: “MUFG has been steadfast in leveraging its unrivaled global network and its expertise in financing the renewable energy sector. ACEN’s aspiration towards becoming a leading renewable energy provider in Asia is aligned with MUFG’s sustainability mission.”

On Tuesday, shares in the company closed 0.45% lower at P6.67 apiece. — Ashley Erika O. Jose

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