Ayala unit taps green bonds to fund various RE projects

By Lenie Lectura – July 3, 2020
from Business Mirror

AC Energy, the energy platform of Ayala Corp., has recently launched a $60-million tap on its senior Green Bonds, bringing the total issuance to $470 million.

The $60-million bond issuance is due 2024 via private placement. “This brings the total Green Bond issuance to $470 million, consisting of $360 million due 2024 and $110 million due 2029,” the company said in a disclosure Thursday.

The Green Bonds were issued under AC Energy’s $1-billion Medium Term Note Program established last year, and will be listed on the Singapore stock exchange.

The Hongkong and Shanghai Banking Corporation Limited has been appointed as dealer for the bonds.

“AC Energy’s Green Bonds further strengthen our liquidity and enable us to continue scaling up our renewable investments despite the challenging environment,” said Eric Francia, AC Energy president and CEO. “We are committed to transition to a low carbon portfolio and work towards our goal of reaching 5,000 MW of renewables capacity by 2025.”

At end-March this year, AC Energy has already allocated around $455 million to 11 renewable energy (RE) projects spanning Vietnam, Indonesia and the Philippines, with a combined gross capacity of about 1,600 MW. These include investments for new greenfield projects onshore and in Vietnam, as well as the acquisition of additional stakes in RE projects in the Philippines.

The company currently has 180 MW of solar projects under construction in the Philippines, and over 200MW of solar and wind projects being constructed in Vietnam.

AC Energy has committed to scale up its renewable energy expansion in the region and has identified the Philippines, Indonesia, Vietnam, Australia, India and Myanmar as key target markets.