Arayat solar farm phase 2

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The project involves the design, construction, operation and maintenance of the 30MWac (43.7MWdc) second phase of Arayat solar farm located in Pampanga province of the Philippines. The 50MWac (72MWdc) phase 1 of the project was constructed in June 2021 and reached its full capacity in March 2022. Greencore Power Solutions 3 Inc. is the special purpose vehicle of the phase 2 solar project. Sponsors are Citicore Solar Energy (50%), ACEN Corp (45%), and ACEN's wholly-owned subsidiary ACE Endevor (5%). The SPV received a P2.3 billion ($43.8 million) loan from ACEN to fully finance the second phase, which is scheduled for commercial operations in February 2023. Greencore secured the loan with a real estate mortgage over its real assets, a pledge over its shares, and the project's cash flows. Financial close was achieved on 1 June, 2022. Realfin https://www.philstar.com/business/2022/05/27/2183921/acen-extends-p23-billion-loan-fund-pampanga-solar-farm