AYALA-LED ACEN Corp. said on Tuesday that it has borrowed approximately A$75 million, or around P2.7 billion, from two Australian banks for the projects of its subsidiary.

The company has signed agreements with New Zealand Banking Group Ltd. and Westpac Banking Corp., ACEN said in a disclosure to the stock exchange.

“Each bank is providing a green term loan facility with a limit of AUD 75 million,” ACEN said.

In January last year, ACEN also signed a syndicated facility agreement with the Bank of China in Manila and Hong Kong, CTBC Bank in Manila and Singapore, and Standard Charter Bank worth a total of A$277 million.

The company said that the funds would be used to finance the development and construction of its project pipeline in Australia, encompassing solar, wind, battery storage, pump storage hydro power and energy storage.

Currently, ACEN has approximately 4,700 megawatts of attributable capacity spanning the Philippines, Vietnam, Indonesia, India, and Australia.

On Thursday, the company’s shares closed at P4.20 each. — Sheldeen Joy Talavera