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Business

AboitizPower raising P10 billion from bond issue

Danessa Rivera - The Philippine Star

MANILA, Philippines — Aboitiz Power Corp. plans to issue nearly P10 billion worth of fixed-rate retail bonds in the second quarter.

In a disclosure to the Philippine Stock Exchange Tuesday, AboitizPower said it secured board approval to issue up to P9.55 billion fixed-rate retail bonds, representing the fourth tranche of the P30-billion bonds registered in 2017 under the shelf registration program with the Securities and Exchange Commission (SEC).

The company’s board also delegated to management to determine the final issue amount, interest rate, offer price, tenors, and other terms and conditions of the bonds.

Proceeds will be used to finance planned acquisitions, future investments, and/or other corporate requirements.

AboitizPower is targeting 4,000 megawatts (MW) of installed capacity this year.  So far, it currently has a beneficial capacity of 3,483 MW.

AboitizPower president and chief executive officer Emmanuel Rubio is confident the company will  hit the net attributable capacity target, which will translate to about 23 terawatt hours (TWh).

The company has investments in various thermal and renewable power generating facilities with a total net sellable capacity of 3,350 MW with its partners. Its Cleanergy brand amounts to 1,272 MW, 39 percent of its total net sellable capacity.

The company is pushing for a balanced mix strategy – maximizing Cleanergy, while taking advantage of the reliability and cost-efficiency of thermal power plants. 

AboitizPower also owns distribution utilities that operate in high-growth areas in Luzon, Visayas, and Mindanao, including the second and third largest private utilities in the country.

The company will also continue to expand overseas—particularly in Vietnam, Indonesia, and Myanmar – to complement its local operations.

It launched its foray into the international market last year, with AboitizPower International recently acquiring the 39.4-MW Dam Nai Wind Power in Ninh Thuan, Vietnam.

ABOITIZ POWER CORP

PHILIPPINE STOCK EXCHANGE

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