Ayala Corp’s power unit said Friday it raised $410 million (P21.4 billion) from its first ever issue of “green bonds,” as it pursues its goal to raise capacity by 10-fold in 2025.
AC Energy sold $300 million in 5-year bonds and another $110 million in 10-year bonds, taking advantage of a “calm” market, said CEO John Eric Francia.
The company aims to bring attributable capacity to 5,000 megawatts from the current 500 megawatts. Half of the target capacity is in renewable energy, he said.
“A lot of the fundraising we’re doing now is in support of this scaling up program that we have,” Francia told The Briefing on ANC’s Market Edge.
Two AC Energy projects in the provinces of Lanao del Norte and Bataan will be online this year and the company is looking to expand in Australia after Indonesia and Vietnam, he said. AC Energy plans to “scale up” in the renewable scale while working to make the business affordable, reliable and sustainable, he said.
Source ABS-CBN News