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March 05, 2024

LandBank extends ₱20 Billion Loan to ACEN

The Land Bank of the Philippines (LandBank) has approved a significant ₱20-billion loan to ACEN Corporation, the Ayala Group’s prominent energy platform, as part of a strategic initiative to bolster the country’s renewable energy landscape. This financial support aims to contribute to the National Government’s ambitious plan to elevate the share of renewable energy in the power generation mix from the current 22% to 35% by 2030.

The loan agreement, formalized on November 29, 2023, at the Ayala Triangle Gardens in Makati City, was officiated by Bankero, LandBank President and CEO Lynette V. Ortiz and ACEN President and CEO Eric Francia. The collaboration also involved key representatives, including ACEN Corporation Chief Finance and Compliance Officer Maria Corazon Dizon, Treasurer Cecile Cruzabra, and Head of Corporate Finance Juan Martin Syquia, along with LandBank Senior Vice Presidents Ma. Celeste A. Burgos and Lucila E. Tesorero.

Ortiz emphasized the significance of this partnership beyond a mere financial arrangement.

“LandBank is proud to collaborate with ACEN as we continue to build strategic partnerships to address the impact of global warming and climate change in the country. More than just a loan agreement, we see this partnership as an important step that supports the greening of our energy sector.,” the bankero stated.

ACEN, with an impressive attributable capacity of approximately 4,500 MW from owned facilities in the Philippines, Australia, Vietnam, Indonesia, and India, boasts a renewable share of 98%, showcasing one of the highest percentages in the region. In alignment with its commitment to renewable energy, ACEN allocated up to ₱50 billion this year to further expand its renewable energy portfolio.

LandBank’s decision to provide substantial financial backing to ACEN underscores the bank’s strategic thrust toward promoting sustainable finance and environmental protection. This initiative aligns with LandBank’s commitment to funding key economic development sectors while actively addressing the consequences of climate change. The partnership symbolizes a shared vision for a greener and more sustainable future in the energy sector.