THE Securities and Exchange Commission (SEC) has approved the shelf registration of ACEN Corp. for ASEAN green bonds worth P30 billion, the regulator announced on Wednesday.
The commission en banc decided during its meeting on Sept. 6 to “render effective the registration statement of ACEN covering up to P30 billion of ASEAN green bonds, subject to the company’s compliance with certain remaining requirements,” the SEC said in a statement.
ASEAN green bonds are bonds that adhere to the ASEAN green bonds standards and whose proceeds are used exclusively to finance or refinance eligible green projects.
“Eligible green projects include those for renewable energy, energy efficiency, pollution prevention and control, environmentally sustainable management of living natural resources and land use, clean transportation, climate change adaptation, and green buildings,” the commission said.
The company may offer the bonds in tranches over a period of three years, with the initial tranche consisting of up to P10 billion in green bonds maturing in 2027.
ACEN will use the proceeds from the P10-billion first tranche to fund its three solar projects with a combined capacity of 458 megawatts (MW).
The three solar projects include the additional 42 MW in its 72-MW Arayat-Mexico, Pampanga solar farm; the first phase 133-MW solar farm in Lal-lo, Cagayan; and the first phase 283-MW solar farm in San Marcelino, Zambales.
ACEN tapped BDO Capital and Investment Corp. and BPI Capital Corp. as joint issue managers, while RCBC Capital Corp. and SB Capital Investment Corp. were tapped as joint lead underwriters and book-runners.
The energy company aims to expand its renewable energy capacity to 20 gigawatts (GW) by 2030. It currently has 3.4 GW of renewables.
ACEN targets to transition its power generation portfolio to 100% renewables by 2025 and retire its remaining coal plant by 2040.
The company’s second-quarter net income attributable to parent firm equity holders picked up by 25.4% to P1.78 billion from P1.42 billion in the same quarter a year ago. After-tax income went up by 0.9% P2.2 billion from P2.18 billion.
For the six months to June, its attributable income was down by nearly 19% to P2.18 billion from P2.69 billion a year ago.
Its income after tax for the first semester declined by 28.4% to P2.95 billion from P4.12 billion a year earlier.
ACEN closed 3.70% lower at P7.03 apiece on Wednesday. — Justine Irish D. Tabile