ACEN, partner ink P2.59 billion DBP loan for solar venture

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December 12, 2025 | 12:00am

MANILA, Philippines —  Ayala-owned ACEN Corp. and Saavedra-led Citicore Solar Energy Corp. (CSEC) have signed a P2.59-billion loan with state-owned Development Bank of the Philippines (DBP) for their solar venture in Pampanga.

ACEN, along with unit ACEN Global Development Group Inc., and CSEC executed the omnibus loan and security agreement with DBP yesterday to provide financial muscle to their joint venture, Greencore Power Solutions 3 Inc.

Greencore 3, which operates a 115.67-megawatt solar farm in the municipalities of Arayat and Mexico in Pampanga, serves as the borrower, while ACEN and CSEC act as the sponsors and share collateral grantor.

The DBP Trust Banking Group, meanwhile, has been tapped to be the project accounts agent for the loan facility.

Although the specific allocation of the loan remains under wraps, the funding is expected to play a key role in settling Greencore 3’s outstanding financial obligations.

Greencore 3 earlier tapped a P4.7-billion loan from ACEN to finance the development and operation of the Pampanga solar farm. ACEN had previously extended the repayment deadline for the loan until March this year.

Just this week, ACEN disclosed plans to inject additional funding of about P859.11 million into Greencore 3 to help the latter fulfill its loan obligations.

For this purpose, the parties executed a subscription agreement covering P2.41 million worth of common A shares and P856.7 million worth of redeemable preferred shares of Greencore 3.