ACEN adds $140m to support its 20GW portfolio strategy – pv magazine Australia
ACEN Australia said the first stage of the 720MW New England solar farm is on track to begin commercial operations in 2023, while announcing it has secured a $140m loan deal which will help it increase its renewable energy capacity in the Asia-Pacific region to 20 GW by 2030.
The Australian branch of Philippines-based energy company AC Energy Corporation (ACEN) has signed an agreement with the Sydney branch of global financial group MUFG for a loan facility of up to $140 million to support the continued development of its large-scale renewable energy projects in Australia.
ACEN, a subsidiary of conglomerate Ayala Corporation, is seeking to raise more than $600 million as part of its strategic aspiration to grow its renewable energy capacity in Australia and the wider Asia-Pacific region to 20 GW by 2030 .
The company, which already has around 4,000 MW of capacity attributable to the Philippines, Vietnam, Indonesia and India, said its Australian portfolio includes several solar, wind, battery, pumped hydro and energy storage projects. energy across NSW, Tasmania, Victoria and South Australia in development and construction.
“The New England Solar Farm, the first of these projects, is expected to be operational by 2023,” the company said.
The estimated $768 million project is being developed near Uralla in northern New South Wales (NSW). Construction of the first 400 MW stage of the solar park and the 50 MW/50 MWh battery energy storage system began earlier this year.
The project will eventually see a 720 MW solar farm co-located with 50 MW/50 MWh battery energy storage. It is also possible that the energy storage system can be extended up to 200 MW/400 MWh.
ACEN claims that once the full 720 MW is installed, it will produce around 1,800,000 MWh of clean electricity each year, enough to power around 250,000 homes.
Other projects in the company’s Australian portfolio include the 400MW Stubbo solar farm and associated 200MW/200MWh battery energy storage project in New South Wales; the proposed 600 MW Birriwa solar farm and battery project also in New South Wales; an interest in the 250 MW Rise Renewables Baroota pumped hydro and 300 MW Bridle Track solar projects in South Australia; and the 160MW Axedale Solar Farm in central Victoria, which could also include a battery energy storage system.
The deal with MFUG comes just months after ACEN secured a $100 million loan from DBS Bank Australia.
Manoj Bhatia, Global Head of MUFG Banking Subsidiaries, Manoj Bhatia, said the loan facility would support “ACEN’s aspiration to become one of Asia’s leading renewable energy providers”.
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