ACEN, the renewable energy arm of the Ayala Group, has secured a ₱34.41 billion green term loan facility to partially finance the 344.5 MWp Quezon North onshore wind power project. This ambitious development spans the municipalities of Mauban and Real in Quezon and the towns of Paete and Kalayaan in Laguna. Upon its completion in 2026, it will become the largest wind farm in the Philippines.
The company formalized this milestone on 29 March 2025, by signing an Omnibus Loan and Security Agreement (OLSA) with the Bank of the Philippine Islands, BDO Unibank, Inc., Rizal Commercial Banking Corporation as senior lenders, and BDO Unibank, Inc. – Trust Investment Group as facility agent. This funding aligns with ACEN’s strategy to expand its renewable energy footprint in the Philippines.
ACEN’s portfolio in 2024 already boasts notable projects, including Cagayan North Solar, SanMar Solar Phases 1 & 2, Arayat-Mexico 2 Solar, and Capa Wind. These additions led to a 60% surge in output, reaching 1,826 GWh. Despite disruptions in the fourth quarter of 2024, such as offline wind turbines caused by Typhoon Marce, the company’s attributable renewables output grew by 25% year-on-year, totaling 5,596 GWh.
Financially, ACEN saw consolidated net income attributable to the parent company grow by 27%, reaching ₱9.36 billion in 2024, compared to ₱7.35 billion in 2023. Core attributable EBITDA (excluding non-recurring income from asset sales) rose 25% to ₱19.3 billion, driven by the output from newly operationalized plants. Gains from value realization contributed ₱2.8 billion to the year’s results.
Internationally, ACEN’s portfolio generated 3,770 GWh of renewable energy, a 13% increase over 2023. New plants in Australia, India, and Vietnam played a pivotal role in this growth.
Currently, ACEN holds an attributable renewables capacity of 7.0 GW, with 3.3 GW in operation, 2.3 GW under construction, and 1.4 GW in projects awaiting construction over the next 12-18 months. Locally, the company reinforced its net seller position with a 57% year-on-year increase, achieving a net seller capacity of 1,131 GWh.
This green financing represents not just a significant step in developing the Quezon North Wind Power Project but also a robust commitment to ACEN’s vision of becoming the leading renewables platform in the Asia-Pacific region.
