The Land Bank of the Philippines (LANDBANK) has approved a PHP20 billion loan for ACEN Corporation, a subsidiary of the Ayala Group, to diversify the capacity for renewable energy (RE) sources in the Philippines. The loan is in line with the National Renewable Energy Program which will aid ACEN in increasing the country’s share of power generation mix from 22 per cent to 35 per cent by 2030.
The agreement was formalised on November 29, 2023.