ACEN Corp.’s executive committee has authorized a subsidiary to enter into an agreement with a Singaporean company and its unit to restructure the latter’s $27-million outstanding loan including interest.
In a disclosure to the stock exchange, the listed energy company said that ACEN Renewables International Pte. Ltd. (ACRI) will provide a $25-million loan facility to Yoma Strategic Investments Ltd. (Yoma), the wholly owned subsidiary of Yoma Strategic Investments Ltd. (YSIL).
The fund will be used to roll out the microgrids for telecommunications towers by Yoma Micro Power Pte. Ltd., Yoma’s joint venture with Norwegian Investment Fund (Norfund).
“Under the restructure agreement, YSIL will purchase the loan from ACRI, payable within a 10-year period, with a Yoma parent guarantee,” ACEN said.
In July, the company said that its executive committee had approved the proposed joint venture with Norfund and investment into YMP Telecom Power, Inc. to provide solar power to telecommunications towers in the country.
On its website, YMP described itself as a leading company in Southeast Asia engaged in distributed renewable energy that encourages telecom operators and tower companies to decarbonize.
The company designs, procures, installs, and maintains solar and solar-hybrid power plants to allow telecom companies to save on diesel, YMP said.
To date, ACEN has around 4,200 megawatts of attributable capacity spread across the Philippines, Vietnam, Indonesia, India, and Australia. The company is targeting to reach 20 gigawatts in attributable renewables capacity by 2030.
On Monday, shares in the company went up by 1.3% or P0.07 to P5.45 each. — Sheldeen Joy Talavera
ACEN agrees to partner’s loan restructuring
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