First Gen Corp. said the board of its subsidiary, Energy Development Corp. (EDC), has approved the public offering, issuance and listing of the second tranche of the latter’s shelf-registered Asean Green Bond program.
In a disclosure to the Philippine Stock Exchange, First Gen said this represents EDC’s second capital raising program comprised of up to P10 billion fixed rate bonds subject to the approval of the Securities and Exchange Commission and the Philippine Dealing and Exchange Corp.
Erwin Avante, EDC chief finance officer, said proceeds from the program will finance its growth projects.
According to Avante, they have seven ongoing projects to choose from.
In 2021, EDC sold P5 billion dual tranche Asean green bonds, the initial tranche of a total P15 billion shelf registration.
EDC’s portfolio of energy projects aggregate 1,480 megawatts (MW).
Geothermal projects generating 1,185.40 megawatts account for 62 percent of the country’s total installed geothermal capacity, making the Philippines the third largest geothermal producer in the world.
First Gen as a power generation company has combined capacity of 3,500 MW with a portfolio utilizing natural gas, geothermal, hydroelectric, wind and solar power technologies including EDC’s capacities.
First Gen plans spending as much as $20 billion until 2030 to add up to 9,640 MW capacity and achieve an aggregate portfolio of 13,000 MW by that time.
