AC Energy Corp., a unit of the Ayala Group, said Tuesday its executive committee approved the issuance of green bonds as part of its $1.5-billion medium-term note program.
AC Energy said in a disclosure to the stock exchange the committee, in its meeting on Aug. 27, authorized wholly-owned subsidiary ACEN Finance Limited to issue senior guaranteed undated notes to be listed on the Singapore Exchange.
“The size and terms of which shall be fixed at a later date. The committee also authorized ACEN to guarantee the notes,” the company said.
The notes will be part of the company’s $1.5-billion medium-term note program that was granted an approval in principle by the SGX on Aug. 26. AC Energy launched the notes on Aug. 31.
“ACEN’s Green Bond Framework is in accordance with the Green Bond Principles issued by the International Capital Markets Association,” the company said.
The Securities and Exchange Commission last week confirmed that the notes complied with the requirements under the ASEAN Green Bonds Circular and qualified as an ASEAN Green Bond Issuance.
The executive committee of AC Energy also approved the joint venture with ib vogt Singapore Pte Ltd. for the development of solar projects in the Philippines with an initial target of 300 megawatts of generating capacity. The Singapore unit is an affiliate of ib vogt GmbH, a German company focused on developing and delivering high-quality large-scale turnkey photovoltaic plants worldwide.
The executive committee also approved a capital expenditures budget for the AC Energy’s proposed 288-megawatt solar project in Buguey and Lal-lo, Cagayan and a capex budget for the proposed 275-MW expansion of its Gigasol Palauig solar project in Zambales.
The move followed the recent announcement of AC Energy that it would sell its power barge assets to SPC Power Corp. and Prime Strategic Holdings Inc.