Aboitiz Power bonds fund Pangasinan solar project – Manila bulletin
Aboitiz Power Corp. will funnel a significant portion of the proceeds from its 12 billion peso second tranche issuance to its 74-megawatt solar farm project in Pangasinan.
Apart from that, the utility said the capital raising activity was aimed at raising new liquidity that it could use “to refinance the 2020 Series E bonds maturing in 2022”.
For the new bond float of 12 billion pesos, Aboitiz Power revealed Thursday, September 30 that it had already filed its request with the Securities and Exchange Commission.
This will be the second tranche of its 30 billion peso registration with the SEC, while the first tranche of the 8.0 billion peso issue has already closed earlier this year.
“The second tranche of bonds, with a total principal amount of up to 12 billion pesos, including oversubscription, is expected to be issued in the fourth quarter of 2021 – in one or two rounds,” the company said.
The co-issuers, co-managers and appointed co-bookkeepers are BDO Capital & Investment Corporation, First Metro Investment Corporation and Security Bank Capital Investment Corporation, while the appointed trustee is BDO Unibank Inc. – Trust and Investments Group.
Aboitiz Power’s Pangasinan solar project will be one of the conglomerate’s new renewable energy (RE) companies that will lead it to an investment path primarily anchored in rebalancing its portfolio.
And with the recent entry of the Japanese company JERA Co. Inc. as a capital partner, the Aboitiz company envisages that the two companies can jointly strengthen the synergies on the term investments in the RE space as well as in the assets. of electricity production powered by liquefied natural gas. (LNG).
According to the president and CEO of Aboitiz Power, Emmanuel V. Rubio, their company aims to “work in collaboration with JERA to achieve our 10-year vision of increasing our generation portfolio to 9,000 megawatts – in adding 3,700 MW of renewable energy capacity resulting in a 50:50 balance between the Cleanergy and Thermal portfolios.
The company’s “Cleanergy” brand builds on the renewable energy capabilities it provides to its customers, including those from its existing geothermal, hydroelectric and solar assets.
Beyond RE and LNG facilities, Rubio indicated that other areas of investment their company explored with JERA would include potential involvement in aspects of Plant Operation and Maintenance (O&M). ; as well as the application of new and innovative technologies such as hydrogen.
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