Aboitiz Power Corp. is preparing an offering of possibly up to P3 billion worth of five-year debt notes to finance acquisitions and entirely new energy projects, its parent company announced.

The size of the offering has yet to be finalized but the company?s requirement is estimated at P2-P3 billion, said Erramon Aboitiz, newly installed chief executive of the parent company Aboitiz Equity Ventures. The size ?depends on the market appetite,? he noted.

The plans will be finalized ?within the next couple of weeks,? he said.

Currently being sought is rating from local credit watchdog PhilRatings for the debt float, Aboitiz said.

Last December, Aboitiz Power sold P3.39 billion worth of debt notes for its expansion this year.

Aboitiz said the company would still work with the lead managers of the December float, namely, BDO Capital and Investment Corp., BPI Capital Corp., First Metro Investment Corp., and the Manila branch of ING Bank NV for the additional fund-raising.

Aboitiz Power is a leader in the hydroelectric power generation industry and has interests in some of the largest privately owned distribution utilities in the country.

Since its incorporation in 1998, it has accumulated interests in both hydroelectric power generation facilities and in thermal plants.

Aboitiz said the companies under Aboitiz Equity Ventures would get their commercial financing this year from the local market to avoid risks posed by the lingering global financial turbulence. Doris C. Dumlao; edited by INQUIRER.net