Philippines headquartered AC Energy (ACEN) has raised AUD 75 million from the Clean Energy Finance Corporation (CEFC) of Australia for its local Australian subsidiary to support the construction of 8 GW strong large scale clean energy portfolio of solar, wind, battery and pumped hydro assets.
ACEN Australia has over 1.5 GW projects at an advanced stage of development including 160 MW Axedale Solar Farm with up to 50 MWh storage, 400 MW Stubbo Solar facility paired with a battery energy storage system (BESS), and 600 MW Birriwa Solar Farm also with a storage system paired.
Another asset in its portfolio is the New England Solar Farm with 720 MW capacity which is currently under construction in New South Wales (NSW).
"Australia needs significant investment to create a 21st century energy mix that decarbonises the grid while delivering a reliable and secure energy supply. With this investment, the CEFC is helping deliver the assets that are critical to reaching net zero emissions by 2050," said CEFC CEO Ian Learmonth.
The CEFC finance is part of an ACEN Australia debt raise targeting AUD 600 million and follows an AUD $140m long-term, green loan agreement with Japanese lender MUFG and a AUD $100m facility agreement with DBS Bank, shared ACEN.
ACEN Australia CEO Anton Rohner said the proceeds will enable it to expedite the company's fully developer 400 MW Stubbo Solar Project that can now enter construction in January 2023. Its parent company counts its development portfolio across the Asia Pacific region as totaling 18 GW (see Joint Venture For 1 GW Solar In Asia).
"The world is geared towards net zero, and collaboration across industries and the society is vital in this journey. ACEN is at the forefront of this decarbonization movement and aim to deliver 20 GW of renewable energy capacity by 2030," added ACEN International COO Patrice Clause.
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