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MANILA, Philippines — Renewable energy producers ACEN Corp. and Yanara secured a P2.3-billion loan from Rizal Commercial Banking Corp. to develop a 75-megawatt solar farm in Pangasinan.tt solar farm in Pangasinan.
On Friday, the Ayala-led firm announced that it secured the loan facility through Renovable Earth Corp., a joint venture between ACEN and Yanara.
READ: Ayala’s ACEN eyes capital raising for more renewables
Additionally, the new funds would help both parties construct the Sual solar project, which is under the government’s green energy auction program round 4.
Once it starts generating power, the solar plant can produce about 112 gigawatt-hours of renewable electricity per year, enough to energize around 69,000 homes.
READ: ACEN sees 2026 a better year despite Middle East war
“This financing is a strong vote of confidence in our partnership with Yanara and in the long-term growth of renewable energy in the Philippines,” said Patrice Clausse, group chief investment officer at ACEN.
“As demand for reliable and sustainable power continues to grow, investments such as Sual Solar help strengthen the country’s energy security, support local economic development, and advance the transition to a cleaner energy future,” he added. /pai
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