By Danessa Rivera (The
Philippine Star) | Updated March 1, 2016 - 12:00am
MANILA, Philippines - The renewables
unit of Aboitiz Power Corp. has secured a P12.5-billion loan from three
financial institutions to redeem its preferred shares and bankroll its
operating expenditures.
In a disclosure to the Philippine
Stock Exchange, AboitizPower said its subsidiary AP Renewables Inc. (APRI)
signed an omnibus agreement with the Asian Development Bank (ADB), Bank of the
Philippine Islands (BPI) and Credit Guarantee & Investment Facility (CGIF),
a trust fund of ADB.
The issuance was certified as a
climate bond in December 2015 by the Climate Bond Initiative and is the first
issuance of its kind in Asia.
“The proceeds of this undertaking
will be used to finance the partial redemption of APRI’s redeemable preferred
shares, and the partial funding of its operating expenditure and future
rehabilitation requirements,” the company said.
BPI Capital Corp. acted as mandated
lead arranger and bookrunner, while BPI Asset Management and Trust Group was
appointed as trustee and facility agent.
The company has been aggressive in
its expansion program, with its goal to double its power capacity to roughly
4,000 MW by 2019.
AboitizPower has started operating
its Davao coal-fired power plant at its full capacity earlier this month.
The company is also constructing a
59-MW solar power project in Negros Occidental with SunEdison Philippines
Helios BV and an 8.5-MW hydroelectric power plant along the Maris Main (South)
Canal in Magat with the National Irrigation Administration (NIA).
AboitizPower also made its foray in
Indonesia, after it entered into agreements to explore and develop a potential
2x55 MW geothermal plant with PT Medco Power Indonesia in East Java Province,
Indonesia and a potential 127-MW hydropower generation project with SN Power AS
and PT Energi Infranusantara along the Lariang River in Central Sulawesi,
Indonesia.
No comments:
Post a Comment