ACEN to sell green bonds to complete solar projects

AC Energy Corp. (ACEN), the Ayala Group’s listed energy platform, is set to offer up to P10 billion in green bonds, proceeds of which will be used to finance the completion of three solar power projects.

The amount is part of the P30billion debt securities under shelf registration that was approved by the company’s executive committee.

In a disclosure to the stock exchange Tuesday, ACEN said it was “authorized to offer and issue, out of the debt securities to be shelf registered, up to P10 billion pesodenominated ASEAN Green Fixed Rate 5-year Bonds as first tranche of the debt securities program, and to apply for the listing of the bonds with the Philippine Dealing & Exchange Corp. (PDEX).”

The committee approved the list of renewable energy projects with a total capacity of 458MW that are eligible to receive proceeds from the bonds. These are the expansion of the Arayat-mexico solar farm, the Cagayan Solar 1, and Phase 1 of the San Marcelino solar project.

The existing 133MW Arayatmexico solar project of ACEN and Citicore Solar Energy Corp., will be expanded by 72MW. The first phase of the solar farm in Pampanga has an estimated cost of P2.75 billion.

The 133MW solar project in Cagayan between ACEN and Cleantech Global Renewables Inc. will be constructed by their joint venture company Natures Renewable Energy Development Corp. (Naredco).

The 283MW solar farm in San Marcelino, Zambales is touted to be the country’s largest solar farm in the country. The project is owned by ACEN’S wholly-owned unit Santa Cruz Solar Energy Inc., which recently contracted the services of Power Construction Corp. of China Ltd. and Powerchina Philippines Corp. for its engineering procurement and construction.

ACEN President Eric Francia said these solar power projects are set to be completed next year.

The company aspires to be the largest listed renewables platform in Southeast Asia, with a goal of reaching 5,000 MW of renewables capacity by 2025.

The company has 3,800 MW of attributable capacity in the Philippines and across the region, of which 3,300 MW are renewable, putting the company in a strong position to reach its capacity target earlier than 2025.