ACEN infuses P859M into solar farm joint venture

ACEN Corporation is infusing an additional P859.11 million into its joint venture with Citicore Solar Energy Corp., Greencore Power Solutions 3, to help settle existing loan obligations for its 115.67-megawatt solar farm in Pampanga.

This capital infusion is part of an increase in Greencore 3's authorized capital stock, with ACEN subscribing to shares consistent with its 45% stake.

The joint venture, Greencore 3, has also secured a P2.59-billion loan from the Development Bank of the Philippines (DBP) to support its operations.

ACEN and Citicore Solar will act as sponsors and collateral guarantors for the DBP loan.

The Pampanga solar farm began full commercial operations in August 2022 and can supply clean energy to approximately 19,450 homes annually.

This project is part of ACEN's broader renewable energy portfolio.