ACEN Corp. said it will offer P10-billion worth of peso-denominated ASEAN green fixed-rate 5-year bonds to finance the construction of three solar projects with a combined capacity of 458 megawatts.
ACEN said in a disclosure to the stock exchange the executive committee authorized the company to offer and issue up to P10 billion in green bonds as the first tranche of the debt securities program.
The company said it would use the proceeds from the bonds to finance the 42-megawatt expansion of the Arayat-Mexico solar power project in Pampanga, 133-MW Cagayan Solar I project in Cagayan and the second phase of the San Marcelino solar/transmission line project involving 283 MW in Zambales.
ACEN president and chief executive officer Eric Francia said the three projects would be completed by next year. “Arayat-Mexico will be constructed this year, operational next year. Arayat is the only expansion. Cagayan and Marcelino also have expansion plans, and these are just phase one,” Francia said.