ACEN Corp., the listed energy platform of the Ayala Group, will issue up to P10 billion worth of peso-denominated green bonds to bankroll the expansion of its solar portfolio.
The P10 billion fixed-rate five-year bonds represent the first tranche of ACEN’s newly-approved debt securities program amounting up toP30 billion.
Proceeds from the bond offering will be used to fund three solar projects, slated for completion next year. These include the expansion of the Arayat-Mexico Solar Power Project, Cagayan Solar I Project (NAREDCO), and Phase I of the San Marcelino Solar Project / Transmission Line.
ACEN will file with the Securities and Exchange Commission a registration statement for a three-year shelf registration of the debt securities program. The securities shall be offered and issued in one or more tranches.
The bonds shall be listed with the Philippine Dealing & Exchange Corp.
ACEN has 3,800 megawatts of attributable capacity in the Philippines, Vietnam, Indonesia, India, and Australia. Its renewable share of capacity is close to 90 percent, among the highest in the region.
It aspires is to be the largest listed renewables platform in Southeast Asia with a goal of racking up 5,000 MW in renewable capacity by 2025.
