ACEN Australia Signs Syndicated Green Term Loan Facility

ACEN announced that its subsidiary, ACEN Australia, signed a syndicated green term loan facility with major international banks worth a total of AU$277 million, the platform’s largest green term loan facility to date.

The loan will provide capital financing for ACEN’s renewable energy portfolio in Australia, which will be a significant contributor to the company’s strategic aspiration to grow its renewables capacity to 20 GW by 2030.

Comprising the syndicate are Bank of China (BOC) in Manila and Hong Kong, CTBC Bank in Manila and Singapore, 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.

Herbert Smith Freehills was legal counsel for ACEN Australia, while King & Wood Mallesons was the counsel for the lenders.

The funds will be allocated to finance the development and construction of ACEN’s project pipeline in Australia encompassing 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.

Anton Rohner, ACEN Australia CEO, said: “This syndicated green term loan facility continues to build on the funding secured at the end of last year, and will be mobilized into our Australian portfolio. With Stubbo 520 MWDc project reaching Notice to Proceed late in 2022, ACEN continues on the journey in decarbonizing Australia. It is exciting to work with quality financial institutions, and the appetite for quality investments is real.”