Metrobank okays P5-B loan for ACEN

METROPOLITAN Bank & Trust Co. (Metrobank) has greenlit a P5-billion loan facility for ACEN Corp., the listed energy platform of the Ayala Group, to fund renewable energy expansion across the country.

Metrobank said Tuesday that the lending facility was key to ensuring a secure, reliable and affordable electricity supply in the Philippines.

“ACEN plays an important role in promoting renewable energy within the country and the Asia-Pacific region,” Metrobank institutional banking sector head Mylene Caparas said.

ACEN Chief Finance Officer Cora Dizon, meanwhile, said the collaboration with Metrobank was critical for the firm’s ambitious expansion plans.

“It empowers us to generate more clean and sustainable energy, a necessity in this era of escalating power demand,” she said.

The energy company aims to transition its power generation portfolio to 100 percent renewables by 2025 and reach 20 gigawatts of renewables capacity by 2030.

Metrobank’s share price fell by 35 centavos to P52.20 while ACEN’s also fell by 10 centavos to P5.01 on Tuesday.