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Manila Bulletin devider Business devider EDC sets new P10-B 'green bond' offering

EDC sets new P10-B 'green bond' offering

Published Nov 29, 2023 09:54 am

At A Glance

  • The fixed rate bonds issuance is part of the company's shelf-registered ASEAN green bond program; and execution will gain headway upon the approval of the Securities and Exchange Commission (SEC) and the Philippine Dealing and Exchange Corporation (PDEx).

Renewable energy firm Energy Development Corporation (EDC), a subsidiary of Lopez-led First Gen Corporation, is scheduling the second tranche of its ASEAN green bond offering with target proceeds of P10 billion that will continually bankroll the company’s projects.

In a disclosure to the Philippine Stock Exchange (PSE), EDC stated that it already secured the green light from its board of directors for this fresh round of green finance-raising activity.

The fixed rate bonds issuance is part of the company’s shelf-registered ASEAN green bond program; and execution will gain headway upon the approval of the Securities and Exchange Commission (SEC) and the Philippine Dealing and Exchange Corporation (PDEx).

It was in 2021 when EDC had undertaken the first tranche of its ASEAN green bonds with P5.0 billion worth of proceeds that had been strategically funneled into its ongoing projects.

EDC has not given details yet on the terms of the new issuance; but its bond offer two years ago had been priced at the lowest end range at 2.8565% for its 3-year series; and 3.7305% for the 5-year series.

That was then marked as the company’s return to the capital market – and it turned out to be an oversubscribed tender even if that was done at the height of the coronavirus pandemic.

The company regarded the green bonds offering as an opportunity for the public to participate in financing renewable energy projects, which is the core investment portfolio of EDC.

The major projects being advanced into completion by the company have been its 29-megawatt Palayan Bayan binary plant which is part of its Bacon-Manito (BacMan) geothermal facility in the Bicol region; as well as the 120MW Aya pumped storage hydroelectric facility in Nueva Ecija.

The company’s Aya hydropower facility, in particular, is seen as a strategic investment that it can synergize with its existing Pantabangan-Masiway hydropower plant; as well as with the Casecnan hydro facility which is an acquisition of its affiliate-company from state-run Power Sector Assets and Liabilities Management Corporation.

Apart from these projects, EDC has also been pursuing expansion investments in greenfield geothermal developments, as well as those on other hydro and wind farm installations.

 

 

Related Tags

renewable energy First Gen Corporation Green Bonds Securities and Exchange Commission Energy Development Corp.
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