ACEN and Yanara secure PHP 2.3B loan for Sual solar project

ACEN Corp. and Yanara Philippines Corp. have secured a PHP 2.3-billion project finance facility from Rizal Commercial Banking Corp. (RCBC) to develop the 75-megawatt Sual Solar project in Pangasinan.

The project is being developed through Renovable Earth Corp. (REC), a joint venture between ACEN and Yanara. The Sual Solar project was selected under the Department of Energy’s fourth Green Energy Auction (GEA-4) and includes a 20-year power purchase agreement with the Philippine government. Electricity delivery is scheduled to occur between 2026 and 2029.

Once operational, the solar plant is expected to generate approximately 112 GWh of renewable electricity annually, which is sufficient to power roughly 69,000 homes. The project is estimated to avoid 86,000 tons of carbon dioxide emissions each year and is expected to create approximately 1,500 jobs during construction.