ACEN Corp., the Ayala Group's renewable energy platform, said on Monday that it had issued corporate guarantees amounting to an aggregate of $320 million in favor of two lenders of its subsidiary, ACEN Cayman.

In a filing with the stock exchange, it said that on January 12, it executed parent company guarantees in favor of ACEN Cayman lenders Philippine National Bank for $140 million and Rizal Commercial Banking Corp. for $180 million.

"This loan obtained by ACEN Cayman shall be used to redeem the redeemable preferred shares held by AC Energy Finance International Limited (ACEFIL) in ACEN Cayman; the proceeds will, in turn, be used by ACEFIL to redeem its maturing green bonds," it added.

ACEFIL is a wholly owned Cayman Islands subsidiary of ACEN and is listed on the Singapore Exchange.

In July last year, ACEN announced that it had approved the issuance of corporate guarantees in support of debt facilities of around $352 million to fund ACEN Cayman's "payment obligations."

In 2019, ACEN, then known as AC Energy Inc., issued through ACEFIL climate bonds totaling $410 million. The first two drawdowns of the green notes, due 2024 and totaling $300 million, took place in January and February that year, followed by a private placement also in February 2019 of $110 million worth of 10-year notes due 2029.

The International Finance Corp. (IFC), a member of the World Bank Group, invested $75 million in the 2024 notes, while the Asian Development Bank (ADB) invested $20 million in the 2029 notes.

Proceeds of the green notes were intended for the expansion of the company's renewables business in the Philippines, Indonesia and Vietnam.

ACEN shares on Monday were up by 1.19 percent to close at P4.39 each.