Aboitiz Power to issue P30-B retail bonds

Aboitiz Power Corp. said it has firmed up plans to offer peso-denominated, fixed-rate retail bonds totaling P30 billion.

In a statement Thursday, the firm said the offer would be in one or more tranches depending on market conditions. The first tranche, intended to be listed on the Philippine Dealing and Exchange Corp., was expected to be issued within this year.

Proceeds of the retail bonds would be used to finance potential acquisitions, future investments and other general corporate requirements, the company said.

Sans one-off items, the firm had said its generation business chalked up a P17.2-billion income in 2016, an increase of 16 percent from 2015.

Aboitiz Power’s net sellable capacity has already reached 2,975 megawatts (MW) as of end 2016 following the Philippine Competition Commission’s approval of its GNPower Mariveles acquisition.

“We are looking forward to add more capacity in the next few years and move closer to our target generating capacity of 4,000 MW by 2020, to be sourced from a balanced mix of energy sources,” said Antonio R. Moraza, Aboitiz Power president and chief operating officer.