ACEN disclosed that it has successfully issued and listed its maiden peso-denominated ASEAN Green Bonds at an aggregate principal amount of ₱10.0 billion, with a fixed interest rate of 6.0526% per annum for a five-year tenor, under its ₱30.0 billion Debt Securities Program registered with the SEC. The Green Bonds were 8.6 times oversubscribed as a result of robust demand for the issuance, with strong participation from leading institutional investors. The Green Bonds are listed on the Philippine Dealing and Exchange Corp. (PDEx) platform.
“We are grateful for the strong support of Philippine institutional and retail investors for the company’s maiden peso green bond issuance. The successful offering will help ACEN realize its vision of reaching 20 GW of renewables capacity by 2030,” said ACEN president and CEO Eric Francia.
“Amidst the challenging macroeconomic environment, we are encouraged by the enthusiastic take-up of our bonds by the investing community. Our group is one of the country’s largest issuers of green bonds, and we are happy to contribute to the development of our nation’s debt capital market with our maiden peso green bond issuance,” said ACEN CFO and treasurer Cora G. Dizon.
The Green Bonds comply with ASEAN Green Bond Standards, which require proceeds to be used exclusively for the funding of eligible green projects. ACEN engaged Sustainalytics for a second-party opinion on the Green Bonds’ alignment with the International Capital Market Association’s Green Bond Principles. The Green Bonds have been rated PRS Aaa by the Philippine Rating Services Corporation, the highest possible rating.
In accordance with ACEN’s Green Bond Framework, the proceeds from the bond issuance will be used to finance ACEN’s renewable energy projects in the Philippines, particularly the 283-MWdc San Marcelino Solar I farm in Zambales, the 42-MWdc expansion of the 72-MWdc Arayat-Mexico Solar farm in Pampanga, as well as the construction of the 133-MWdc Cagayan Solar farm in Lal-lo, Cagayan.
BDO Capital & Investment Corporation and BPI Capital Corporation are the Joint Issue Managers for the Green Bonds, while BDO Capital, BPI Capital, RCBC Capital Corporation, and SB Capital & Investment Corporation are the Joint Lead Underwriters and Bookrunners for the transaction.
ACEN and its majority shareholder AC Energy and Infrastructure Corporation (ACEIC), through their respective special-purpose vehicles, have raised an aggregate of US$1.6 billion of Green Bonds since 2019 to support financing for its renewable energy investments and projects.