Aboitiz Power Corp. on Thursday received regulatory clearance from the Securities and Exchange Commission (SEC) to begin the public offering of its fixed-rate retail bonds, marking a key step in the company’s P100-billion shelf registration program.
In a disclosure to the Philippine Stock Exchange, Aboitiz Power said it had secured the order of registration and certificate of permit to offer the securities, allowing the company to proceed with the sale of the initial tranche of bonds worth up to P30 billion, inclusive of oversubscriptions. The public offer period began on 25 June and will run until 4 July 2025.
The company plans to list the bonds on the Philippine Dealing & Exchange Corp. (PDEx), with the issuance already receiving a top credit rating of PRS Aaa, with a stable outlook, from the Philippine Rating Services Corp. (PhilRatings). This signifies minimal credit risk and reflects the company’s solid financial standing and market credibility.
Proceeds from the bond sale will be used to refinance existing corporate debt, supporting the group’s financial flexibility as it pursues its long-term energy infrastructure plans.
Aboitiz Power appointed BDO Capital & Investment Corp., First Metro Investment Corp., and Union Bank of the Philippines as joint issue managers. The joint lead underwriters and bookrunners include BDO Capital, FMIC, UnionBank, China Bank Capital Corp., Land Bank of the Philippines, PNB Capital and Investment Corp., and Security Bank Capital Investment Corp.
BDO Unibank Inc.-Trust and Investments Group serves as the trustee, while the Philippine Depository and Trust Corp. acts as registrar.
The bond issuance aligns with Aboitiz Power’s broader investment strategy. The company has earmarked a capital expenditure budget of P78.1 billion for 2025, part of which will fund the development of 359.5 MW of new renewable energy (RE) capacity and 48 MW of battery energy storage systems (BESS). Key projects include the 212 MW Olongapo and 89 MW San Manuel solar farms, the 58.5 MW Camarines Sur wind project, and several BESS facilities in Bay, Magat, and Binga.
President and CEO Emmanuel “Danel” Aboitiz reaffirmed the company’s strategic goal of expanding its RE portfolio to 4,600 MW by 2030, as part of a broader push to reach a total generation capacity of 9,200 MW, combining clean and thermal power sources to address the country’s growing baseload and peak electricity demand.
