AC Energy Corp. through its subsidiary, ACEN Finance Ltd. has issued a $1.5- billion (P74.6 billion) medium-term note program that will be listed in the Singapore Stock Exchange (SGX).
Based on the offering circular uploaded in the SGX, proceeds of the fund raising will be used by AC Energy for general corporate purposes including as well as for working capital, funding investment activities and for refinancing and repayment of indebtedness.
AC Energy added t the money will also be utilized to develop, construct, produce components, acquire and operate purely renewable energy projects particularly in solar, wind and geothermal.
Last May, AC Energy 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.
C Energy’s renewables portfolio also doubled to 2,070 MW at the half from 1,041 MW at the same time last year. 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