ACEN Boosts Renewables Drive With New €50-Million Loan
- October 12, 2026
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ACEN Corp., the power arm of the Ayala Group, has secured a €50-million term loan facility from ING Bank N.V.’s Manila branch to finance its growing renewable energy portfolio, as the company prepares to spend more than ₱80 billion on capital expenditures in 2026.
In a regulatory filing, ACEN said its subsidiary, ACEN Investments Inc., signed the facility with ING Bank N.V., Manila Branch, as lender and ING Bank N.V., Singapore Branch, as agent.
The proceeds will finance or refinance investments in existing and future renewable energy projects through ACEN’s subsidiaries and joint ventures, as well as cover general corporate purposes, the company said.
The latest financing adds to ACEN’s efforts to secure funding from foreign financial institutions to support its expansion across the Asia-Pacific region. In 2025, the company obtained A$750 million from a group of 11 Australian and international banks.
ACEN also signed a €50-million credit facility with ING in May last year, according to the supplied reports.
The company’s planned capital expenditures for 2026 are expected to exceed ₱80 billion, up from ₱55 billion in 2025. About ₱60 billion, or roughly 75 percent of this year’s budget, is earmarked for projects in the Philippines, underscoring the domestic market’s importance to its expansion strategy.
Portfolio Reaches 7.5 Gigawatts
ACEN’s attributable renewable energy portfolio reached 7,517 megawatts (MW) as of end-June, covering projects in operation, under construction or with signed agreements.
The company said its portfolio expansion was supported by newly operational assets and progress on energy storage projects. During the first half, ACEN broke ground on battery storage facilities in the Philippines with a combined capacity of 775 MW and 1,660 megawatt-hours (MWh).
About 57 percent of its renewable energy pipeline was operational at the end of June. The company’s portfolio expansion was partly offset by reduced equity stakes in selected under-construction projects in India, which tempered capacity gains from the consolidation of its UPC joint venture in the country.
ACEN has also been developing renewable energy projects in India, Australia, Vietnam, Lao PDR and Indonesia.
First-Half Earnings Surge
The financing follows a strong first-half performance, with ACEN reporting consolidated net income of ₱3.9 billion, up 411 percent from ₱763 million a year earlier.
Attributable renewable energy generation increased 21 percent year-on-year to 4,024 gigawatt-hours (GWh), supported by newly operational assets and improved generation across its markets.
The company reported revenues of ₱23.13 billion in the first half, compared with ₱15.72 billion a year earlier. Attributable earnings before interest, taxes, depreciation and amortization (EBITDA), excluding non-cash one-off items, rose 40 percent to ₱14.7 billion.
In the Philippines, renewable energy generation reached 1,091 GWh, up 17 percent year-on-year, partly because of improved availability at its Pagudpud and Capa 2 wind assets in Ilocos Norte.
ACEN also benefited from higher contracted energy sales through its retail electricity supply business and bilateral power agreements. Its retail electricity supply arm, ACEN RES, expanded its portfolio to 587 MW, nearly 22 percent higher than at the end of 2025. The full effectivity of a 160-MW mid-merit supply contract with Manila Electric Co. (Meralco) also supported results.
ACEN sees further growth opportunities from rising demand for renewable energy, while maintaining a focus on financial discipline.
“The growing global emphasis on indigenous renewable energy presents significant opportunities for ACEN,” ACEN Chief Financial Officer and Chief Strategy Officer Jonathan Back said in a previous statement.
“We intend to benefit from this growth while maintaining a prudent, financially disciplined path forward, including continued focus on cost management across all our businesses,” he said.
Source:
https://businessmirror.com.ph/2026/10/06/acen-unit-secures-loan-for-renewable-energy-projects
https://business.inquirer.net/614546/acen-seals-new-50m-euros-for-re-rollout
