Danessa
Rivera (The Philippine Star) - November 8, 2019 - 12:00am
MANILA,
Philippines — The power unit of diversified conglomerate San Miguel Corp. (SMC)
has raised $500 million in funding from the issuance of senior perpetual
capital securities in Singapore.
In a
disclosure yesterday, SMC Global Power Holdings Inc. said it tapped Credit
Suisse (Hong Kong) Limited, Deutsche Bank AG, Singapore branch, Merrill Lynch
(Singapore) Pte. Ltd., JPMorgan Securities PLC, DBS Bank Ltd., and UBS AG
Singapore branch as joint lead managers for the issue.
SMC
Global has been raising funds for general corporate purposes, investments in
power-related assets and debt repayment.
Company
president and chief operating officer Ramon Ang earlier said SMC Global would
push through with its planned two 2x150-megawatt (MW) circulating fluidized bed
(CFB) coal-fired power plants.
These
are the Central Luzon Premiere Power Corp. in Pagbilao, Quezon and Mariveles
Power Generation Corp. in Mariveles, Bataan.
The
new coal power plant projects would use the latest, cleanest and safest coal
combustion technology to address all the critical issues in the power sector,
namely affordability, reliability, and environmental concerns.
To
balance coal investments, SMC is also ramping up its renewable energy capacity.
SMC Global had announced 1,200 MW of renewable energy are targeted for completion
by 2024.
SMC
Global Power generated 4,197 MW of combined capacity as of the end of March.
Last
year, the company cornered 19 percent of the national grid’s installed
capacity, 25 percent of the Luzon grid and nine percent of the Mindanao grid.
Under
the Electric Power Industry Reform Act of 2001 (EPIRA), no company can own,
operate or control more than 30 percent of installed generating capacity (IGC)
of a grid and 25 percent of the national IGC.
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