ACEN Extends Payment Deadline for P4.7-B Loan to Greencore

Ayala-led ACEN Corp. has extended anew the repayment deadline for its P4.7-billion loan to Greencore Power Solution 3, its joint venture with tycoon Edgar Saavedra's Citicore Solar Energy Corp. (CSEC).

- By BRIX LELIS

In a stock exchange filing yesterday, ACEN said its executive committee approved the extension of the maturity date for its credit facility to Greencore until March 31 next year, with the terms remaining unchanged.

While the original maturity date has yet to be disclosed, this latest extension comes after ACEN granted Greencore a one-year reprieve in July 2023.

Greencore, a special purpose company equally owned by ACEN and CSEC, has used the financing to support the development and operation of the 115-megawatt (MW) Arayat-Mexico solar farm in Pampanga.