The board of San Miguel Global Power Holdings Corp., the energy arm of San Miguel Corp., has approved the issuance of up to $300 million in senior perpetual capital securities to purchase outstanding securities and finance its renewable energy projects.
SMGP decided to move forward with the issuance after postponing it in December. In a disclosure to the Philippine Dealing & Exchange Corp., SMGP said it plans to issue the securities on or about Jan. 20, 2026.
The company intends to use the net proceeds to purchase, repurchase or redeem all outstanding senior perpetual capital securities issued on Jan. 21, 2020.
Proceeds will also be used for pre-development costs of solar and hydropower projects and capital expenditures for battery energy storage systems. SMGP said it will not apply the proceeds to its existing or planned coal-fired power assets or liquefied natural gas assets.
The board also approved the listing of the securities on the Singapore Exchange Securities Trading Limited. It appointed Standard Chartered Bank as the sole lead manager and DB Trustees (Hong Kong) Limited as trustee.
Deutsche Bank Aktiengesellschaft, Hong Kong Branch, was named principal paying agent, calculation agent, transfer agent and registrar, while Latham & Watkins will serve as listing agent.
SMGP is one of the largest power companies in the country, controlling a combined capacity of 5,710 MW as of July 25, 2025.
The company’s portfolio includes natural gas, coal and renewable energy, such as hydroelectric power and battery energy storage. It is also engaged in retail electricity services and distribution.
