ACEN Files P30-B Debt with SEC
AC ENERGY Corp. (ACEN) has filed with the Securities and Exchange Commission (SEC) the registration of debt securities with a maximum value of 30 billion pesos, of which the first tranche of 10 billion pesos will be offered in the form of green bonds ASEAN fixed rate.
“As our debt levels remain very manageable, we are taking this opportunity to issue green peso bonds to finance our expansion of renewable energy in the country,” said Ma, ACEN’s Chief Financial Officer and Treasurer. Corazon G. Dizon in a reveal on Tuesday.
A green bond is a type of fixed income instrument that is specifically used to raise funds for climate and environmental projects. Three-year pure registered shares will be offered in one or more tranches.
ACEN, led by Ayala, said proceeds from the bond issue will fund the 283 megawatt direct current (MWdc) San Marcelino solar park in Zambales, the 42 MWdc expansion of its Arayat- Mexico City in Pampanga and the construction of its 133- Phase one MWdc solar farm in Lal-lo, Cagayan.
ACEN fully owns the San Marcelino Project, while the Arayat-Mexico Solar Farm Project and the Cagayan Solar Farm Project are partnered with GreenCore Power Solutions 3, Inc. and Natures Renewable Energy Development Corp, respectively. (Naredco).
Naredco is a partnership between three energy companies, namely: ACEN, ACE Endevor, Inc. and Cleantech Renewable Energy 4 Corp.
Construction of the projects is in line with ACEN’s aggressive renewable energy expansion in the Philippines and across the region.
Currently, ACEN has approximately 3,900 MW of attributable renewable energy capacity and is striving to build 5,000 MW of renewable energy by 2025, with the aim of becoming the largest platform of renewable energies listed in Southeast Asia.
The offering received PRS Aaa, the highest possible rating from Philippine Rating Services Corp. (PhilRatings) to any issuance of debt securities. It also means that PhilRating expects ACEN to meet its financial commitment on the bond.
PhilRatings said the stable rating means it should hold or remain unchanged for the next 12 months.
ACEN, the listed energy platform of the Ayala Group, announced in October 2021 its commitment to achieve net zero greenhouse gas emissions by 2050.
In trading on Tuesday, the company’s shares fell 0.09P or 1.08% to 8.21P each. — Justine Irish DP. Picture