ACEN, on Friday, September 9, disclosed that it received the Order of Registration and Permit to Offer Securities for Sale issued by the Philippine Securities and Exchange Commission for the public offer and sale of the company’s maiden peso-denominated Green Bonds, at an aggregate principal amount of ₱10.0 billion, with a fixed coupon interest rate of 6.0526% per annum due September 2027.
The Green Bonds are part of ACEN’sACEN’s three-year shelf registration of up to ₱30.0 billion in debt securities. This issuance complies 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’Bonds’ alignment with the International Capital Market Association’sAssociation’s Green Bond Principles.
The Green Bonds have been rated PRS Aaa by the Philippine Rating Services Corporation, the highest possible rating.
By ACEN’s Green Bond Framework, proceeds from the Green Bonds will be used to finance or refinance, in whole or in part, new or existing Eligible Green Projects, according to well-defined guidelines for the use of proceeds for renewable energy projects, with comprehensive monitoring and reporting commitments.
Specifically, the Green 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. At the same time, the Cagayan Solar Farm is a project of Nature’s Renewable Energy Development Corporation, a joint venture among ACEN, ACE Endeavour, and Cleantech Renewable Energy 4.
ACEN fully owns the San Marcelino Solar project. BDO Capital & Investment and BPI Capital are the Joint Issue Managers for the Green Bonds. At the same time, BDO Capital, BPI Capital, RCBC Capital Corporation, and SB Capital Investment Corporation are the Joint Lead Underwriters and Bookrunners for the transaction.