ACEN raises loan for 133.5 MWp solar PV project in Cagayan
ACEN Corp. has announced plans to increase its financial support for a 133.5 MW Cagayan North Solar Power project in Cagayan, Philippines. In a recent filing with the stock exchange, the company revealed that it has signed a revised loan agreement with Natures Renewable Energy Devt. Corp. (NAREDCO) and CleanTech Renewable Energy 4 Corp. (CREC4). Under the agreement, ACEN will provide additional funding of up to PHP1.16 billion (US$20.6 million), using the same terms and security measures as the original loan.
The increased loan facility aims to meet the remaining financial requirements for the first phase of the solar farm.
NAREDCO serves as a special-purpose vehicle for the development of the Cagayan North Solar Power project, a joint venture between ACEN and CREC4. The project, which will be executed in two phases, is set to begin commercial operations in 2024.
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