Aboitiz Power Corp. is gearing up for the construction of its 74-megawatt solar photovoltaic power plant in Pangasinan, which will be partially funded through a P12-billion retail bond issuance planned for this quarter.
The generation firm is already seeking the approval of the Securities and Exchange Commission for this new offer, the second tranche of a P30-billion fixed-rate bonds package.
First announced last September, the amount covers possible oversubscription. The bonds may be issued “in one or two series” and are intended to be listed on the Philippine Dealing and Exchange Corp. platform.
“The proceeds of the bonds will be used to refinance the 2020 Series E Bonds maturing in 2022, partially fund the equity contributions for the construction of the 74-MW solar power plant in Pangasinan province, general corporate purposes and other future renewable projects,” the Aboitiz group’s power generation arm said in a disclosure.
Second venture
The firm engaged as joint issue managers, joint lead underwriters and joint bookrunners BDO Capital & Investment Corp., China Bank Capital Corp., First Metro Investment Corp., and Security Bank Capital Investment Corp. BDO Unibank, Inc.-Trust and Investments Group was tapped as trustee.
The solar farm project will rise in Barangay Cayanga in Bugallon, Pangasinan, and will be AboitizPower’s second venture in solar power.
The first one is the 59-MW facility in San Carlos City, Negros Occidental, which was inaugurated in 2016.
Aside from solar, Aboitiz is also invested in other renewable energy projects such as geothermal, large hydro and wind facilities across the Philippines.
AboitizPower is now working on several renewable energy projects with primary focus on solar, wind and hydro.
The company recently completed the commissioning of two wind met masts, or towers that carry meteorological measurement instruments, also in Pangasinan.