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AC Energy launches USD-400m fixed-for-life green bond

Wind park in Ilocos Norte. Image: Ayala Corporation

November 28 (Renewables Now) - AC Energy Inc today set the terms for a USD-400-million (EUR 363.4m) green bond issuance through which it will raise money for a renewable energy expansion across the Asia-Pacific region.

The company, which is part of Philippine conglomerate Ayala Corp (PSE:AC), said that this is the world’s first US dollar denominated fixed-for-life green bond. It comes with a fixed coupon of 5.65% and will be listed on SGX-ST.

The issuer is AC Energy Finance International Limited, a wholly-owned subsidiary of AC Energy, while BPI Capital Corporation acts as the sole global coordinator for the transaction.

According to CFO Cora Dizon, the issuance generated interest of more than USD 1.2 billion.

AC Energy noted that it will use the raised funds to grow its renewables footprint in countries such as Indonesia, Vietnam, Myanmar, India and Australia in addition to the Philippines.

“We expect to add well over 1,000 MW of renewables capacity in 2020, and this fresh capital will further cement AC Energy’s commitment towards renewable energy and sustainability, and will support the company’s scaling up of renewable energy investments in the Asia Pacific,” stated AC Energy president and CEO Eric Francia.

At present, AC Energy has more than 1,600 MW of net attributable capacity, including about 600 MW of renewables. Its goal is to generate at least 50% of its total energy output from renewables by 2025.

(USD 1.0 = EUR 0.909)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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