ACEN, Yanara secure $37.4m loan for 75-MW Philippine solar project

It is expected to generate 112 gigawatt-hours of renewable electricity annually.

ACEN and renewable energy company Yanara have secured a $37.4m (PHP2.3b) project finance facility to fund construction of the 75-megawatt Sual Solar project in Pangasinan province in the Philippines.

Once operational, Sual Solar is expected to generate approximately 112 gigawatt-hours of renewable electricity annually, enough to power around 69,000 homes, whilst avoiding an estimated 86,000 tons of carbon dioxide emissions each year.

The financing came from Rizal Commercial Banking Corporation (RCBC) and was arranged through Renovable Earth Corp. (REC), a subsidiary of Yanara Philippines Corporation.

RCBC Trust Corporation acted as Facility Agent and Security Trustee, whilst RCBC Capital Corporation served as Mandated Lead Arranger.