ACEN loans $510,200 to wind subsidiary

The short-term loan was executed on 30 January.

The Philippines’ ACEN has approved a $510,200 (PHP30-m) loan to its Pagudpud Wind Power Corp. which is currently developing a wind farm in Ilocos Norte.

In a disclosure, ACEN said it executed the short-term loan agreement on 30 January.

“The advances to be made to ACEN are part of the ACEN group's cash management optimisation,” the company said.

Pagudpud Wind Power is developing a 160 megawatt wind farm in Pagudpud, Ilocos Norte. This is ACEN’s third investment in the province and is slated to be the largest wind farm in the Philippines.

Construction of phase 2 is ongoing following the completion of the first phase in 2023.

Pagudpud Wind secured a long-term market through the Green Energy Auction Program of the Department of Energy auctioned in June 2022.

$1 = PHP58.80