ABOITIZ POWER Corp. is aiming to collect P30 billion by selling retail bonds, which it expects to issue in tranches based on market conditions, the energy firm told the stock exchange on Tuesday.

It claimed that on Dec. 14, its board had authorized the filing of a registration statement under the Securities and Exchange Commission Registration Scheme for Peso-denominated fixed-rate retail bonds.

AboitizPower also said that on Monday, its Board approved the issuance of the first tranche of retail bonds worth P4 billion, which is expected to be rolled out in the first quarter of next year.

Retail bonds have an oversubscription rate of P4 billion which will be made open to the public subject to market conditions” next year. The corporation plans to list its first tranche with the Philippine Trading and Trade Corp (PDEx).

“The proceeds of the first tranche of Retail Bonds will be used for the refinancing of corporate loans and/or for other general corporate purposes,” said AboitizPower.

The company’s proposed debt issuance comes after last month’s declaration that the two units of the 1,336-megawatt (MW) supercritical coal-fired power plant in Dingin, Bataan, are expected to begin commercial service around the middle of next year.

AboitzPower said the first cell of GN Power Dingin Ltd. Co. is set to synchronize with the grid before the end of the year and will be online by the second quarter of 2021.

The second device will be synchronized and will start receiving commissioning revenue by the second quarter of next year. Commercial activities are expected to begin in the third quarter. The two units have the same power.

AboitizPower, which accounted for almost half of Aboitiz Equity Projects, Inc.’s revenue as of the third quarter, said that its control of the plant helps it to reach its “attributable” ability goal of 4,000 MW when serving the country’s base load energy demand.

AboitizPower did not include information of its attributable capability or its share of the new energy generation project. GNPower Dinginin is a joint venture between AC Electricity, Inc., AboitizPower subsidiary Therma Power, Inc. and Power Partners Ltd. It’s Co.

LEAVE A REPLY

Please enter your comment!
Please enter your name here