AC Energy plans green bond sale to bankroll 458 MW of solar projects
Solar power station. Featured Image: worradirek/Shutterstock.com
July 7 (Renewables Now) - Philippine-based AC Energy Corp (PSE:ACEN) intends to launch an up to PHP-10-billion (USD 179.1m/EUR 175.4m) green bond offering so as to back the construction of 458 MW of solar parks at home.
The green bond sale will be initiated as part of a PHP-30-billion debt securities programme, ACEN said on Wednesday. The fixed-rate notes, maturing in five years, are planned to be listed for trading on the Phillippine stock exchange.
The raised proceeds are earmarked for the construction of three solar photovoltaic (PV) projects and transmission infrastructure linked to one of the schemes. More specifically, a 42-MW solar plant will be built as an expansion of the Arayat-Mexico solar farm so as to lift the complex’s entire capacity to 114 MW. The project is a joint initiative of ACEN and Citicore Power Inc. In Cagayan province, ACEN will build a 133-MW solar farm through a joint venture with CleanTech Global Renewables Inc, while a project in Zambales province will see it construct a 283-MW solar park and a new 3-km transmission line.
All three solar parks are due to go online next year, ACEN’s CEO Eric Francia has told local media.
ACEN, the listed energy platform of the Ayala Group, has around 3,800 MW of attributable capacity in the Philippines, Vietnam, Indonesia, India and Australia. The company aims to have 5,000 MW of renewables by 2025 and become net-zero by 2050.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.