Ayala Group’s energy platform ACEN raised P10 billion from its inaugural ASEAN green bond issue which was 8.6 times oversubscribed due to robust demand from institutional investors.
The bonds have a fixed interest rate of 6.0526 percent per annum for a five-year tenor under its ₱30 billion debt securities program.
“The successful offering will help ACEN realize its vision of reaching 20 GW of renewables capacity by 2030,” said ACEN president and CEO Eric Francia.
Proceeds from the bond issuance will be used to finance ACEN’s renewable energy projects in the Philippines, particularly the 283 megawatt San Marcelino Solar I farm in Zambales, the 42 MW expansion of the 72 MW Arayat-Mexico Solar farm in Pampanga, as well as the construction of the 133 MW Cagayan Solar farm in Lal-lo, Cagayan.
“Amid the challenging macroeconomic environment, we are encouraged by the enthusiastic take-up of our bonds by the investing community. Our group is one of the country’s largest issuers of green bonds, and we are happy to contribute to the development of our nation’s debt capital market with our maiden peso green bond issuance,” said Cora G. Dizon, ACEN treasurer.
ACEN and its majority shareholder, AC Energy and Infrastructure Corp. (ACEIC), through their respective special-purpose vehicles, raised an aggregate of $1.6 billion from green bonds since 2019 to support financing for its renewable energy investments and projects.