More funding will soon be available for AC Energy Corp. to pursue more renewable energy (RE) projects after its subsidiary, ACEN Finance Ltd. set the terms of its dollar-denominated senior guaranteed undated fixed-for-life green bonds with an aggregate principal amount of $400 million.
The bonds that will be issued under the $1.5-billion medium-term note program will be listed on the Singapore Exchange Securities Trading and will have a fixed coupon of 4 percent for life with no step-up and no reset, priced at par and qualified as an Asean Green Bond Issuance.
“We are delighted by the overwhelming support for ACEN’s green bond offering. This helps accelerate our aggressive renewables expansion and enables the green-led recovery,” said Eric Francia, AC Energy’s president and chief executive officer, in a statement.
Upon issuance, the net proceeds from the bonds will be used to finance or refinance, in whole or in part, new or existing eligible RE projects particularly in solar, wind and geothermal resources.
Last May, AC Energy already raised P27.5 billion of fresh capital this year coming from a mix of follow-on offering, private placement and sales of primary shares to fund the target of building 5,000 megawatts (MW) worth of renewable energy projects by 2025.
AC Energy’s attributable capacity at the end of the first half of 2021, already hit 2,589 MW with the start of construction of new projects in the Philippines, Vietnam, India and Australia.
At present, there are also over 1,000MW of attributable capacity under construction, with over half of the projects expected to be operational within the next six to 12 months.
In the Philippines, two new plants started commercial operations during the period which include the 63 MW Gigasol Palauig solar plant in Zambales in April and the 120 MW Gigasol Alaminos solar plant in Laguna in June.
Outside the country, the 70 MW Paryapt Solar in Gujarat, India started operations last April and the 140 MW Sitara Solar in Rajasthan, India in May. – Jed Macapagal
