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Manila Bulletin devider Business devider SEC approves EDC's P10-B second tranche ASEAN green bonds

SEC approves EDC's P10-B second tranche ASEAN green bonds

Published May 13, 2024 09:43 pm

At A Glance

  • The proceeds from the issuance will be part of the P60.0 billion capital investment program that EDC is undertaking for its drilling operations program over the next three years and its renewable energy growth initiatives.

The Securities and Exchange Commission (SEC) has approved the second tranche of the ASEAN fixed rate green bonds issuance of Lopez-led Energy Development Corporation (EDC) which is targeting to raise P6.0 billion with an oversubscription allotment of P4.0 billion.

EDC President and COO Jerome H. Cainglet emphasized that the proceeds from the issuance “will be part of the P60.0 billion capital investment program that EDC is undertaking for its drilling operations program over the next three years and its renewable energy growth initiatives.”

In particular, the green bonds will partially fund the geothermal and battery expansion projects of the company; as well as its various resiliency and maintenance capital expenditure projects.

The company’s green bonds had been priced at 6.7478% for the three-year issue; then 6.8873% and 7.0626% for the 5-year and 7-year series.

The EDC executive added that this fund raising activity “will support the growth and resiliency of our renewable energy portfolio as we serve the growing economy’s increasing energy needs while pursuing the country’s decarbonization and net zero journey.”

EDC has lined up geothermal projects for expansion, and it is also eyeing greenfield developments for wind farm ventures.

In the roll of geothermal projects already advancing at implementation phases are the expansion of its Mindanao geothermal facility, the 29MW Palayan Bayan binary plant, 20MW Tanawon facility and the 28MW Mahanagdong geothermal venture.

The offer period will be from May 13 to 17 this year – and the issuance has so far been granted with PRS Aaa or ‘stable outlook’ rating by the Philippine Rating Services Corporation.  

Tapped as joint issue managers had been BDO Capital & Investment Corporation and BPI Capital Corporation; while designated as joint lead underwriters and joint bookrunners have been BDO Capital, BPI Capital, China Bank Capital Corporation and SB Capital Investment Corporation.

Further, the RCBC Trust Corporation and RCBC Capital Corporation have been named trustee and selling agent for the transaction. 

 

 

Related Tags

Securities and Exchange Commission (SEC) RE projects Green Bonds geothermal plants Energy Development Corp.
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