Latest news with #PhillipMak
Yahoo
15-04-2025
- Business
- Yahoo
ACEN Australia secures $473.5m for renewables portfolio expansion
ACEN Australia has secured $473.5m (A$750m) in portfolio debt financing to bolster its clean energy initiatives in Australia. The financing supports the company's ongoing and future renewable projects, highlighting ACEN Australia's commitment as a long-term investor in the nation's clean economy. The funding will support the nearly finished 400MW Stubbo Solar project in New South Wales and follows the first power output from the 400MW Stage 1 of the New England solar project in 2023. The deal was supported by a group of 11 lenders from Australia and overseas, broadening ACEN Australia's network of finance partners and highlighting strong market trust in the company's growth plans and proven performance. ACEN Australia managing director David Pollington stated: 'Our ability to attract top-tier financial partners re-inforces our position as a trusted, long-term developer, owner and operator of assets, and reflects growing investor appetite for high-quality, renewable infrastructure in Australia.' The financing establishes a funding base for ACEN Australia's diverse portfolio, which includes more than 1GW of renewable capacity in operation and under construction, with an additional 13GW in development across the national electricity market. ACEN Australia chief financial and investments officer Phillip Mak stated: 'This transaction strengthens our funding platform, accelerates our delivery pipeline and positions us as a capable partner backed by a stable and diverse capital base.' The transaction involved a range of financial institutions: ANZ Banking Group, the Commonwealth Bank of Australia, CTBC Bank Co (Singapore branch), CTBC Bank (Philippines) and Cathay United Bank. Other participants included Deutsche Bank (Sydney branch), DBS Bank (Australia branch) and Westpac Banking. Macquarie Capital and Morgan Stanley acted as joint financial advisors for the transaction, with Allens serving as legal adviser for ACEN Australia and Herbert Smith Freehills advising the lenders. ACEN is on track to achieve 100% renewable energy generation by 2025 and reach net-zero greenhouse gas emissions by 2050. "ACEN Australia secures $473.5m for renewables portfolio expansion" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
31-01-2025
- Business
- Yahoo
Jacksonville businessman and millionaire indicted, accused of evading nearly $2M in taxes
Jacksonville businessman Phillip Mak was indicted by a federal grand jury Wednesday, facing charges of evading nearly $2 million in taxes. According to the Florida Department of State, Mak is President of Fairway Action Inc. The Department of Justice says Mak earned around $10.3 million from 2008 to 2020, and is accused of not paying any federal taxes and only filing tax returns for two of those years. Read: Jaguars add to staff with new Defensive Coordinator Anthony Campanile The indictment says he also worked as a sales representative and an independent contractor for businesses during that time. The IRS allegedly assessed about $1.92M in outstanding taxes, penalities and interest against Mak. Prosecutors claim that, instead of paying what he owed, Mak tried to shield his assets from the IRS by transferring $1M in cash to his domestic partner's bank accounts. >>> STREAM ACTION NEWS JAX LIVE <<< [DOWNLOAD: Free Action News Jax app for alerts as news breaks] In addition, the indictment alleges that in 2020, after being interviewed by IRS investigators, Mak transferred ownership of his Neptune Beach home to his partner's trust. If convicted, Mak faces a maximum sentence of five years in prison for tax evasion and a maximum sentence of one year in prison for each charge of failure to file a tax return and failure to pay tax. Read: 'Scorched earth': Ride-along gives inside look at JSO's search for suspects who killed 7-year-old [SIGN UP: Action News Jax Daily Headlines Newsletter] Click here to download the free Action News Jax news and weather apps, click here to download the Action News Jax Now app for your smart TV and click here to stream Action News Jax live.
