ACEN Australia raises EUR 456 mn to expand its solar and hybrid projects

ACEN Australia has raised EUR 456 mn to support its renewable energy projects in Australia, backed by 11 local and international financial institutions.

Share:

A subsidiary of Philippine group ACEN Corporation, ACEN Australia has secured EUR 456 mn (approximately AUD 750 mn) in financing to strengthen its portfolio of operating assets and support the development of new projects in the country. This transaction marks a significant step in the company’s strategy to solidify its presence in the Australian energy market, notably through the completion of the 400 MW Stubbo Solar project located in New South Wales.

The financing will also support the advancement of the New England Solar project, whose first 400 MW phase began feeding electricity into the grid in 2023. The deal highlights ACEN Australia’s ability to independently structure competitive capital solutions in a market where appetite for renewable energy assets continues to grow.

A consortium of 11 partner banks

The financing was structured with the participation of 11 major lenders, including ANZ Banking Group, Deutsche Bank AG – Sydney Branch, MUFG Bank Ltd, DBS Bank Ltd – Australia Branch, and the Commonwealth Bank of Australia. This diverse mobilisation of banking partners enhances ACEN Australia’s financial resilience and reflects market confidence in the company’s strategy and financial standing.

According to David Pollington, Managing Director of ACEN Australia, the financing establishes a robust base for a portfolio that currently includes over 1,000 MW of assets in operation or under construction, with nearly 13 GW in development across the Australian National Electricity Market.

A consolidated funding platform

Phillip Mak, Chief Financial and Investments Officer at ACEN Australia, stated that the transaction positions the company as a reliable and stable partner, supported by a diverse capital base. He noted that backing from local and international financial institutions would accelerate project delivery within a context of rising demand for reliable energy infrastructure in Australia.

Macquarie Capital and Morgan Stanley acted as joint financial advisers for the transaction. Law firm Allens advised ACEN Australia, while Herbert Smith Freehills represented the lenders.

Mitrex secures Guinness Record for the largest integrated solar facade globally, combining photovoltaics and cultural art in Edmonton, covering over 30,000 square feet with installed capacity exceeding 265 kW.
EDF power solutions completes the acquisition of the 500MW Gate Burton solar-battery project from the company Low Carbon, strengthening its presence in hybrid photovoltaic-storage solutions in the United Kingdom.
The global photovoltaic films market is expected to see significant growth, reaching $41.59bn by 2034 due to the development of new solar technologies and the increasing demand for encapsulation suited to these innovations, a recent study indicates.
Italian group Plenitude has begun building Entrenúcleos, a 200 MW photovoltaic plant near Seville, set to deliver more than 435 GWh a year from 2026 while trialling locally produced green steel.
The state-controlled refiner has launched a 7.5-megawatt photovoltaic unit off Qingdao, the country’s first commercial installation designed for fully saline waters, intended to supply its future renewable hydrogen production.
The Emirati company Global South Utilities plans to install up to 250 MW of solar capacity in Madagascar, a project aimed at strengthening the national electricity network heavily reliant on fossil fuels and frequently facing energy deficits.
Emerging economies from the BRICS group now account for more than half of global solar electricity production in 2024, driven mainly by China, India, and Brazil, according to a new report by the organisation Ember.
Star Trade, a subsidiary of HD Renewable Energy, has signed a power purchase agreement with Lightsource bp to manage electricity distribution from a 115 MWp solar project located in Chiayi, strengthening their presence in the Taiwanese market.
TotalEnergies will develop a 1.8 MW photovoltaic installation for Daehwa Pharmaceutical, covering approximately 20% of the annual energy requirements of the production site located in Hoengseong-gun, South Korea, under a 20-year agreement.
Quinbrook Infrastructure Partners announces full operational launch of Cleve Hill Solar Park, now becoming the largest active photovoltaic power plant in the United Kingdom with a total installed capacity reaching 373 MW.
European photovoltaic module manufacturer BISOL is integrating G12R solar cells into its product range, replacing the former M10 cells, to improve product performance and technological competitiveness starting from the second quarter of 2025.
Adani Green Energy Limited becomes the first Indian company to achieve 15,539.9 MW of operational renewable capacity, cementing its position among the global top 10 independent green power producers.
Italian group Pronur establishes itself in Saudi Arabia with support from AstroLabs, aiming to provide advanced technologies in the renewable energy sector and develop new industrial partnerships.
Ascent Solar Technologies, Inc. announces the launch of a $2mn public offering to finance working capital, product development and general expenses.
Ardian Clean Energy Evergreen Fund takes control of 117 photovoltaic plants totalling 116 MW in Italy, further consolidating its presence in the country’s renewable energy sector.
Zelestra has secured $282mn financing from Natixis CIB, BNP Paribas and BCI for its Aurora project, combining a 220 MWdc solar plant and 1 GWh storage capacity in the Tarapacá region, Chile.
Egypt has been building an industrial photovoltaic solar complex in Ain Sokhna since June 19, aiming to stimulate strategic local production with a total investment of $200 million funded by the Chinese group Sunrev.
Générale du Solaire has inaugurated in Leutenheim, Bas-Rhin, a floating photovoltaic plant of approximately 20 MWc installed on a former gravel pit, marking the region's first large-scale project supported by successful local participatory funding.
Plenitude and Modine have signed an agreement to build a photovoltaic plant with an installed capacity of 1.585 MWp in Pocenia, designed to power thermal and refrigeration equipment at Modine’s Italian industrial site, without initial investment.
Namibia begins construction of its largest solar plant, Sores|Gaib, aiming to reduce dependence on energy imports by leveraging its solar potential, considered among the highest globally according to the World Bank.