Ayala-led ACEN has received approval from its board to issue around PHP10 billion in fixed-rate green bonds to finance the expansion of its renewable energy portfolio in the Philippines.
Some of the key projects to be financed from the proceeds include expanding the 72 MW Arayat-Mexico Solar Farm in Pampanga as well as the 133 MW Cagayan Solar 1 project in Lal-lo. The bonds will have a tenure of five years and will be the first tranche of the company’s PHP30 billion debt securities which will be registered with the Securities and Exchange Commission (SEC). The issuance is subject to receiving clearance from the SEC and the Philippine Dealing & Exchange Corporation (PDEx). The bonds will also comply with ASEAN Green Bond Standards, which mandates all proceeds to be used to finance eligible green projects only.