San Miguel Global Power Holdings Corp., the power generation arm of San Miguel Corp., has approved the issuance of up to P30 billion worth of peso-denominated bonds, underscoring its continued access to capital markets as it expands its energy portfolio.
The bond offering will consist of a base amount of up to P20 billion, with an option to raise an additional P10 billion in case of strong investor demand. The plan was approved by the company’s board of directors during a special meeting on Feb. 6, according to a disclosure to the Philippine Dealing and Exchange Corp.
While the company has not yet specified how the proceeds will be used, the planned bond issuance adds to San Miguel Global Power’s broader financing initiatives. Last month, it also approved the issuance of up to $300 million in senior perpetual capital securities, which are set to be listed on the Singapore Exchange, subject to market conditions.
The fund-raising efforts come as San Miguel Global Power pushes ahead with major expansion plans. The company has said it aims to develop up to 3,320 megawatts of additional power capacity by 2028, with investments estimated at P52.7 billion. Beyond 2028, it is preparing for large-scale solar projects totaling 1,100 MW and exploring small natural gas-fired power plants to support rural electrification in Mindanao.
San Miguel Global Power currently operates a diversified power portfolio of about 4,682 MW and 1,000 megawatt hours, spanning hydro, natural gas, coal, and energy storage projects.
