Aboitiz Power Corp. has filed with the Securities and Exchange Commission (SEC) the shelf registration of peso-denominated, fixed-rate retail bonds aggregating P100 billion to bolster its financial position and fund key projects.
The P20 billion initial tranche has an oversubscription option of up to P10 billion. Aboitiz Power plans to use the proceeds to refinance corporate debt and other general corporate requirements. The company plans to offer the first tranche to the general public in the second quarter of 2025 and list them on the Philippine Dealing and Exchange Corp. in the third quarter.
As part of its expansion strategy, Aboitiz Power is determining the final bond terms , including interest rates, issue amount, tenor, and the parties to the offering.
Timing the bond sale, which will be issued in tranches, is subject to market conditions, according to a company statement released on Wednesday.
This developed after Aboitiz Power subsidiary SN Aboitiz Power Group (SNAP) secured the financing for its battery energy storage system (BESS) project. Provided by Bank of the Philippine Islands (BPI), China Banking Corp., and Banco de Oro (BDO), the funds will support the expansion of SNAP’s BESS facilities that include the 16-MW Magat BESS Phase 2 and the 40-MW Binga BESS. Both projects are slated for completion in 2026 and co-located with SNAP’s hydroelectric plants.
The BESS projects are part of Aboitiz Power’s broader growth strategy, which aims to add 3,600 MW of renewable energy (RE) capacity by 2030, bringing its total RE capacity to 4,600 MW. This aligns with the vision to diversify its energy portfolio, support the country’s baseload and peak energy demand while contributing to the target 9,200-MW capacity by 2030.
The retail bond sale represents a key strategic initiative for Aboitiz Power as it seeks to strengthen its position in the renewable energy market while managing its debt and funding future growth.
