AC Energy (ACEN), the renewables arm of Philippine conglomerate Ayala Corporation, says its subsidiary ACEN Australia has secured a A$140 million (US$91 million) loan from MUFG’s Sydney branch.

The green long-term loan facility is part of over A$600 million the firm seeks to raise to support the development of renewable energy projects in Australia, ACEN says in a disclosure to the Philippine Stock Exchange.

Earlier, ACEN signed a loan agreement amounting to A$100 million with DBS Bank, which will also fund Australian projects. 

The firm aims to grow its renewables capacity to 20 gigawatts by 2030.

Commenting on the latest deal, Manoj Bhatia, MUFG Bank’s global head of subsidiary banking, says ACEN’s aspiration to become a leading renewable energy provider in Asia is aligned with MUFG’s sustainability mission.

“MUFG has been steadfast in leveraging its unrivalled global network and its expertise in financing the renewable energy sector. [W]e are privileged to partner with [ACEN] in its commitment towards building a sustainable future,” Bhatia adds. 

ACEN Australia has several solar, wind, battery, pumped hydro and energy storage projects across New South Wales, Tasmania, Victoria and South Australia in development and construction. ACEN says it hopes to have its New England solar farm operational by 2023.