ACEN Australia has signed a syndicated green term loan facility with major international banks worth AUD$277 million (US$191.8 million) to provide capital financing for its renewable energy portfolio.
Comprising the syndicate are Bank of China (BOC), CTBC Bank and Standard Chartered Bank in Australia. Bank of China (Hong Kong) Limited (BOCHK) was the Green Loan Structuring Bank, while Commonwealth Bank of Australia acted as the agent for the syndicated green term loan facility.
The funds will be allocated to finance the development and construction of ACEN’s project pipeline in Australia, which includes solar, wind, battery storage, pumped hydro power and energy storage. The New England Solar farm, the first of these projects, is expected to be in operation by the middle of 2023.
The syndicated green term loan facility is part of ACEN’s AUD$600 million ($415.5 million) target to be used in capitalizing Australia’s renewables potential and is a follow-through to several transactions completed last year. In August 2022, ACEN Australia executed a AUD$100 million ($69.2 million) green long-term revolver with DBS Bank Australia. The following month, two transactions were completed: the AUD$140 million ($97.0 million) green long-term facility signed with MUFG Sydney Branch and the AUD$75 million ($52.0 million) green debt facility signed with the Australian government’s Clean Energy Finance Corporation (CEFC).
“BOCHK has been committed to promoting sustainable and high-quality development within the region,” said Lu Ying, BOCHK general manager of global corporate banking department. “It has been our privilege to pursue sustainable development together with ACEN and help create a low-carbon economy for the community. The significance of this facility is further exemplified considering it is the first green syndicated loan for a Philippine corporate after the release of the Joint Statement between China and Philippines.”
ACEN Australia has more than 1.5 GW of projects under construction or at an advanced stage of development.
