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鈥檚 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鈥檚 renewable energy assets in Australia.
鈥淭he New England Solar farm, the first of these projects, is expected to be in operation by 2023,鈥 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听 battery.
In the company鈥檚 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鈥檚 global head of subsidiary banking, as saying: 鈥淢UFG has been steadfast in leveraging its unrivaled global network and its expertise in financing the renewable energy sector. ACEN鈥檚 aspiration towards becoming a leading renewable energy provider in Asia is aligned with MUFG鈥檚 sustainability mission.鈥
On Tuesday, shares in the company closed 0.45% lower at P6.67 apiece. 鈥 Ashley Erika O. Jose
