Philippines’ ACEN offers PHP 10 billion 6.0526% green bonds due 2027

By Marisa Wong

Los Angeles, Sept. 9 – ACEN Corp. is offering PHP 10 billion of 6.0526% fixed-rate green bonds due September 2027, according to a notice.

ACEN disclosed on Friday that it received an order of registration and permit to offer securities for sale from the Philippine Securities and Exchange Commission for the public offering.

The bonds will be the first tranche to be issued under ACEN’s PHP 30 billion three-year shelf registration and will comply with Asean (Association of Southeast Asian Nations) green bond standards.

BDO Capital & Investment, BPI Capital, RCBC Capital Corp. and SB Capital Investment Corp. are the joint lead underwriters and bookrunners, with BDO Capital and BPI Capital as joint issue managers.

Proceeds from the offering will be used to finance or refinance, in whole or in part, new or existing eligible green projects.

Specifically, the bonds will finance the 283-MWdc San Marcelino Solar farm in Zambales, the 42-MWdc expansion of the current 72-MWdc Arayat-Mexico Solar farm in Pampanga and the construction of the 133-MWdc first phase of the Cagayan Solar farm in Lallo, Cagayan. The Arayat-Mexico solar farm is a joint venture with GreenCore Power Solutions 3, a wholly owned subsidiary of Citicore Solar Energy, while the Cagayan Solar Farm is a project of Natures Renewable Energy Development Corp., a joint venture among ACEN, ACE Endevor and Cleantech Renewable Energy 4. ACEN fully owns the San Marcelino Solar project.

The offer period will run from Sept. 9 to Sept. 15.

The target listing date is Sept. 22.

ACEN’s maiden peso-denominated green bonds have been rated PRS Aaa by Philippine Rating Services Corp.

ACEN is the energy business of the Ayala, a Makati City, Philippines-based conglomerate.

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