Danessa Rivera (The Philippine Star)
- January 30, 2020 - 12:00am
MANILA, Philippines — Aboitiz Power
Corp. plans to issue nearly P10 billion worth of fixed-rate retail bonds in the
second quarter.
In a disclosure to the Philippine
Stock Exchange Tuesday, AboitizPower said it secured board approval to issue up
to P9.55 billion fixed-rate retail bonds, representing the fourth tranche of
the P30-billion bonds registered in 2017 under the shelf registration program
with the Securities and Exchange Commission (SEC).
The company’s board also delegated
to management to determine the final issue amount, interest rate, offer price,
tenors, and other terms and conditions of the bonds.
Proceeds will be used
to finance planned acquisitions, future investments, and/or other corporate
requirements.
AboitizPower is
targeting 4,000 megawatts (MW) of installed capacity this year. So far,
it currently has a beneficial capacity of 3,483 MW.
AboitizPower president
and chief executive officer Emmanuel Rubio is confident the company will
hit the net attributable capacity target, which will translate to about 23
terawatt hours (TWh).
The company has
investments in various thermal and renewable power generating facilities with a
total net sellable capacity of 3,350 MW with its partners. Its Cleanergy brand
amounts to 1,272 MW, 39 percent of its total net sellable capacity.
The company is pushing
for a balanced mix strategy – maximizing Cleanergy, while taking advantage of
the reliability and cost-efficiency of thermal power plants.
AboitizPower also owns
distribution utilities that operate in high-growth areas in Luzon, Visayas, and
Mindanao, including the second and third largest private utilities in the
country.
The company will also
continue to expand overseas—particularly in Vietnam, Indonesia, and Myanmar –
to complement its local operations.
It launched its foray
into the international market last year, with AboitizPower International
recently acquiring the 39.4-MW Dam Nai Wind Power in Ninh Thuan, Vietnam.
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