ACEN has authorized the issuance of up to P30 billion debt securities in one or more tranches under a debt securities program.
The company said the first tranche of the fund raising will involve up to P10 billion of peso denominated Asean Green Fixed Rate 5-year bonds to fund three solar projects with a total capacity of 458 megawatts (MW).
In a disclosure to the Philippine Stock Exchange, ACEN said the issuance will fund the 42 MW expansion of the Arayat-Mexico project in Pampanga; the 133 MW phase 1 of the Cagayan project; and the 283 MW first phase of the San Marcelino project in Zambales.
Eric Francia, ACEN president and chief executive officer, said in a briefing yesterday all are set for completion next year
Earlier this year, ACEN, together with its partner, Citicore, already energized the first 72 MW of the Arayat-Mexico solar project.
