• Up to Php 11 billion Sustainability-Linked Term loan to boost solar energy capacity in the Philippines.
• The financing deal will boost the supply of solar energy in the Philippines and support ACEN’s aspiration to reach 20 GW of renewables capacity by 2030.
ACEN, the Ayala Group’s listed energy platform, signed a Sustainability-Linked Loan Facility with the Asian Development Bank (ADB) and the Bank of the Philippine Islands (BPI) as lenders. The loan facility of up to Php 11 billion, which also includes a partial credit guarantee by ADB, is intended to finance ACEN’s solar projects in the Philippines.
As a sustainability-linked loan, the financing has predefined key performance indicators. The sustainability-linked financing demonstrates ADB’s and BPI’s full support for ACEN’s commitment to renewable energy development and net zero transition and instrumental to ACEN’s aspiration in becoming the largest listed renewables platform in Southeast Asia, with the goal of reaching 20 GW of renewables capacity by 2030.
“We are honored to act as lender of another landmark transaction of ACEN. As ACEN pursues its goal of being the Renewable Energy Leader in Southeast Asia, BPI continues to build its position as the leading Philippine Bank supporting Renewable Energy expansion and ESG principles in the Philippines. This loan is BPI’s first participation in a sustainability-linked loan, and we are grateful for our partners ACEN and ADB in furthering the goal of promoting sustainability in our country,” said Juan Carlos L. Syquia, BPI’s Head of Institutional Banking.
The sustainability-linked loan facility also helps achieve the objectives of the Sustainability Strategy Framework of the BPI Sustainability Agenda. Of the two pillars supporting BPI’s Sustainability Strategy Framework, the sustainability-linked loan facility falls under the Responsible Banking Pillar, which aims to offer financial products and services that integrate ESG criteria in business decisions and to provide lasting benefits for both clients and society while reducing negative impacts on the environment and addressing social needs.