Acen secures $700 M for major renewables push
Acen is boosting its clean energy portfolio across Australia with new debt funding to support solar, wind, battery, and pumped hydro projects.
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Australia: Acen Australia has raised $750 M in debt financing to support its growing portfolio of renewable energy projects, including solar, wind, battery storage, and pumped hydro developments across the National Electricity Market (NEM).
The Philippines-headquartered developer currently has more than 1,000 MW of renewable capacity either operational or under construction in Australia, and a further 13 GW of projects in the pipeline.
Funding from a mix of domestic and international banks—including three of Australia’s Big Four—is expected to help finance the 400 MW Stubbo Solar Farm in New South Wales. Acen’s first major operational asset in the country is the 400 MW New England Solar Farm, which is set to expand to 720 MW in the second phase. Construction has also begun on a 200 MW / 400 MWh battery at the same site.
The company’s 936 MW Valley of the Winds wind project in NSW was recently selected as one of the winners in the federal Capacity Investment Scheme, and its Phoenix pumped hydro project received state-level underwriting support.
Acen also entered a 10-year electricity agreement via Zen Energy to help supply renewable energy to Boc Australia’s operations on the east coast.
The financing deal was advised by Macquarie Capital and Morgan Stanley, with legal support from Allens and Herbert Smith Freehills representing the company and lenders, respectively.
Source: Renew Economy
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